2Use the format in Exhibit 8–2 to compute the ending LIFO inventory and the cost of goods sold, using same assumptions.Assumptions LIFO Inventory EffectSales 900 units @ $100$90,000Cost of Sales:Beginning Inventory500 units @ $50=$25,000 Plus: Purchases400 units @ $50=$20,000100 units @ $65=$ 6,500400 units @ $85=$34,000$60,500Subtotal$85,500Less: Ending Inventory500 units @ $50=($25,000)Cost of Sales$60,500Gross Profit $29,500Also compute the cost of goods sold percentage of sales.Cost of goods sold percentage of sales = (Cost of Sales ÷ Sales) x 100($60,500 ÷ $90,000) x 100= 67.2%Comment on the difference in outcomes.Based on the above calculations, the FIFO method would be better because it yields more profit. As the cost of goods sold increases (as can be seen in the LIFO calculations), the gross profit decreases. With the LIFO method the cost of sales is more than with the FIFO method. The higher the cost of goods sold as a percentage of sale, the less profit is generated.
Polzar, G. (1992). Long-term care and the law: A legal guide for health care professionals.Gaithersburg, MD: Aspen Publishers, Inc.Consider the concept of ethics in health care predicated on ethical theories and moral theories, and explore connection of such ethics with ethics committee decision making. Rationalize the primary concerns of conception, wrongful birth, and abortion from the perspective of health care professionals who must make these decisions. As a health care professional, we have an ethical obligation to serve others with no regard for self-interest. Health care ethics committees serve as patient-advocates, and as a resource for patients, families and staff by offering objective counsel whendealing with difficult healthcare issues. They are also invaluable resources when it comes to developing hospital policies and procedures health care professionals use when addressing ethical dilemmas (Polzar, 1992). When helping patients/family members make final decisions that are in the best interest of the patient, ethics committees must take into consideration different cultural beliefs, the patient’s wishes, and the expected outcome of those decisions (Moore, 2014).Ethics and ethics committee decision making means we often have to come to the realization that everything we do is not always within the best interest of the patient. For example, modern technology enables us to keep people alive indefinitely; yet, we cannot help but wonder if that is always the best option for thepatient or his or her family. Does putting patients on life support, hooking them up to multiple tubes, and pumping them full of nutrients and medication mean they will ever have a chance to live a productive life? Moore, C. (2014). Ethics in nursing: Deciding what is right and wrong. Retrieved from http://www.nursetogether.com/ethics-in-nursing-deciding-what-is-right-and-wrongPolzar, G. (1992). Long-term care and the law: A legal guide for health care professionals.Gaithersburg, MD: Aspen Publishers, Inc.