What is a fiscal year?

a. 12-month financial planning period that may or may not coincide with the calendar year
b. 12-month calendar reserved for the government
c. 12-month financial planning period that always coincides with the calendar year
d. 12-month financial planning period that cannot coincide with the calendar year

Varto company has 9,400 units of its sole product in inventory that it produced last year at a cost of $23 each. this year’s model is superior to last year’s, and the 9,400 units cannot be sold at last year’s regular selling price of $42 each. varto has two alternatives for these items: (1) they can be sold to a wholesaler for $8 each, or (2) they can be reworked at a cost of $251,100 and then sold for $34 each. prepare an analysis to determine whether varto should sell the products as is or rework them and then sell them.