Organizational Behavior
OER 2019 Edition
ISBN: 9781947172715
Author: OpenStax
Publisher: OpenStax College
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Textbook Question
Chapter 9.2, Problem 3CC
What are group norms and what role do they play toward group cohesiveness?
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It is December 31, the end of the year, and the controller of Raney
Corporation is applying the lower-of-cost-or-market (LCM) rule to
inventories. Before any year-end adjustments, Raney reports the
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Cost of goods sold
Historical cost of ending inventory as determined by a
physical count
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56,000
Raney determines that the current replacement cost of ending inventory
is $52,000. Show what Raney should report for ending inventory and for
cost of goods sold. Identify the financial statement where each item
appears.
Sunland Co. follows the practice of valuing its inventory at the lower-of-
cost-or-market. The following information is available from the
company's inventory records as of December 31, 2017.
Uni
It
Qua t
Replace
e
ntity Co
m
ment
Cost/Unit Price/Unit
Estimated
Selling
Completion
& Disposal
Normal
Profit
Margin/
Cost/Unit
st
Unit
A
1,500 $ 8.4
$ 9.41
$11.76
$ 1.68
$ 2.02
B
1,200 9.18
8.85
10.53
1.01
1.34
C
1,400 6.27
6.05
8.06
1.29
0.67
D
1,400 4.26
4.70
7.06
0.90
1.68
E
1,800 7.17
7.06
7.50
0.78
1.12
Greg Forda is an accounting clerk in the accounting department of
Sunland Co., and he cannot understand why the market value keeps
changing from replacement cost to net realizable value to something
that he cannot even figure out. Greg is very confused, and he is the one
who records inventory purchases and calculates ending inventory. You
are the manager of the department and an accountant.
(a) Calculate the lower-of-cost-or-market using the individual-item
approach.…
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Chapter 9 Solutions
Organizational Behavior
Ch. 9.1 - What are the reasons for joining a group?Ch. 9.1 - What are the development stages groups often go...Ch. 9.1 - At the storming stage, what difference might you...Ch. 9.2 - Explain what work roles are.Ch. 9.2 - What role does group size play in the interactions...Ch. 9.2 - What are group norms and what role do they play...Ch. 9.3 - Why must managers be sensitive to and deal with...Ch. 9.4 - Are well-functioning teams or groups in complex...Ch. 9.4 - What is the Importance of the ability to...Ch. 9 - What are the various types of groups often found...
Ch. 9 - Why do people join group?Ch. 9 - Describe the stages of group development.Ch. 9 - How does work group size influence individual and...Ch. 9 - Discuss the role of work group norms in the work...Ch. 9 - Consider how groups influence conformity and...Ch. 9 - What is the major conclusion of Aschs experiment...Ch. 9 - Define a role episode.Ch. 9 - Why is knowledge of role relationships important...Ch. 9 - What purposes are served by status...Ch. 9 - What determines group cohesiveness, and what...Ch. 9 - Discuss how managers can improve intergroup...Ch. 9 - What challenges can a new manager encounter when...Ch. 9 - What strategies can a new manager implement to...
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