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Problem 1: When new clients first see a financial planner, they are
a. Uncomfortable needing advice about money.
b. Afraid of the planner's judgment regarding how they've managed their finances to this point.
c. Excited about taking this step.
d. All of the above are possible
Problem 2: The most comprehensive, and difficult, method of determining how much life insurance a client may need is:
a. E-insurance.com
b. Income multiplier approach
c. Backing into the number by determining how much insurance the client can realistically afford
d. Needs-based analysis approach
What are the effects on the income statement and balance sheet of each of the inventory cost flow assumptions-FIFO, LIFO, and average-cost?
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The company purchased 5,000 units of Item X at $10, each, and it sold 4,500 units. Periodic inventory procedure is used. Cost of goods sold using LIFO is
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