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M.K. Gallant is president of Kranbrack Corporation, a company whose stock is traded on a national exchange. In a meeting with investment analysts at the beginning of the year, Gallant had predicted that the company's earnings would grow by 20% this year. Unfortunately, sales have been less than expected for the year, and Gallant concluded with two weeks of the end of the fiscal year that it would impossible to ultimately report an increase in earning as large as predicted unless some drastic action was taken. Accordingly, Gallant has ordered that wherever possible, expenditures should be postponed to the new year - including canceling or postponing orders with suppliers, delaying planned maintenance and training, and cutting back on end-of- the-year advertising and travel. Additionally, Gallant ordered the company's controller to carefully scrutinize all costs that are currently classified as period costs and reclassify as many as possible as product costs. The company is expected to have substantial inventories of work in process and finished goods at the end of the year.
Why would reclassifying period costs as product costs increase this period's reported earnings?
Do you believe Gallant's actions are ethical? Why or why not?
premium entries to stimulate the sales of its alladin breakfast cereal loptien company places 1 coupon in each box.
A neurologist serves on the board of trustees of the Neurological Disease Foundation, an organization that funds clinical research. He was asked to serve due to his expertise in neurological research, and he chairs the committee of the board that ..
question 1 you are a graduate accountant employed by murray certified practising accountants. one of your clients sandy
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