Why do the LIFO and average cost inventory cost flow assumptions result in different inventory numbers for
Question:
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 73% (15 reviews)
Although the costs of the units on hand and sold after each transaction are the ...View the full answer
Answered By
Simon kingori
I am a tier-one market researcher and content developer who has been in this field for the last six years. I’ve run the freelancing gamut; from market research, data mining and SEO/SMM to copywriting, Content Development, you name it, I’ve done it. I’m extremely motivated, organized and disciplined – you have to be to work from home. My experience in Freelancing is invaluable- but what makes me a cut above the rest is my passion to deliver quality results to all my clients- it’s important to note, I've never had a dissatisfied client. Backed by a Masters degree in Computer Science from MOI university, I have the required skill set and burning passion and desire to deliver the best results for my clients. This is the reason why I am a cut above the rest. Having taken a Bsc. in computer science and statistics, I deal with all round fields in the IT category. It is a field i enjoy working in as it is dynamic and new things present themselves every day for research and exploration.
5.00+
1+ Reviews
10+ Question Solved
Related Book For
Accounting concepts and applications
ISBN: 978-0538745482
11th Edition
Authors: Albrecht Stice, Stice Swain
Question Posted:
Students also viewed these Managerial Accounting questions
-
Why are LIFO and average cost more complicated with a perpetual inventory system than with a periodic system?
-
Let the function f be absolutely continuous on [a, b]. Prove:
-
Consider the FIFO and average cost inventory costing methods. Answer the following questions assuming that inventory costs are increasing: 1. Which method of inventory costing will produce the lower...
-
The following are selected transactions of Sarasota Department Store Ltd. for the current year ended December 31. Sarasota is a private company operating in the province of Manitoba where PST is 8%...
-
Enos Inc. is a construction company specializing in custom patios. The patios are constructed of concrete, brick, fibreglass, and lumber, depending on customer preference. On June 1, 2016, the...
-
The useful life of electrical circuits produced by your company has a uniform distribution defend by the probability density function: where x = values for the random variable useful circuit life in...
-
Digital Systems total flexible budget cost for 75 connectors per month is a. $17,750 b. $9,750 c. $13,000 d. $8,130 Digital Systems is a start-up company that makes connectors for high-speed Internet...
-
The manager of a consulting firm has asked you to evaluate a database that contains the table structure shown in Table P6.10. Table P6.10 was created to enable the manager to match clients with...
-
Write a 350- to 700-word personal finance mission statement that describes where you want to be financially and how you can get there.Communicate the following in your mission statement: 1) Personal...
-
1. What internal secondary sources does Lululemon already have that the company could use to gain insights on its men's market? Be sure to consider supplier records, retail store records, website...
-
Is net income under- or overstated if inventory is sold and shipped but not recorded as a sale?
-
When should inventory be valued at its net realizable value?
-
(a) Girard Company ships merchandise to Liu Company on December 30. The merchandise reaches the buyer on January 6. Indicate the terms of sale that will result in the goods being included in (1)...
-
The general manager of Slugger Field puts his employees through extensive training sessions and rewards them for providing good service to customers. What is this example of?
-
Why is PEOPLE the most important in marketing of Financial Services? How does it impact the company and the clients? Explain Briefly
-
You have been provided with a 2022 income statement and 2021 and 2022 balance sheets for Wenwen, Inc. Please note that Wenwen paid common stock dividends in 2022. Your assignment is to: Prepare a...
-
2. A value-added chicken processor is interested in the economic impact of adding various additives to boneless skinless chicken breast. He has asked you to organize tests to evaluate several...
-
Rolex Ltd leased a highly specialised machine with a ten- year useful life on January 1, 2020. The lease agreement is for an initial three-year period with the option to extend the lease for a...
-
Construct a normal quantile plot for the data in Exercise 24. Explain how the plot shows whether it is appropriate to treat this sample as coming from an approximately normal population. Exercise 24...
-
Archangel Corporation prepared the following variance report. Instructions Fill in the appropriate amounts or letters for the question marks in the report. ARCHANGEL CORPORATION Variance...
-
Protons and neutrons have nearly the same mass. How different are their wavelengths? Calculate the wavelength of each particle when traveling at 2.75 * 10 5 m s 1 in a particle accelerator and report...
-
What is meant by generally accepted accounting principles, and how do these principles add to the integrity of financial accounting information?
-
What is an internal control structure, and how does it add to the integrity of accounting information?
-
What is an audit, and how does it add to the integrity of accounting information?
-
1 . Please prepare a bank reconciliation and journal entries for the month ended April 3 0 th for Bannon Co . ( Excel template provided for both the Reconciliation and Journal Entries ) 1 ) Balance...
-
Saved Common - size and trend percentages for a company's net sales, cost of goods sold, and expenses follow: \ table [ [ \ table [ [ Net sales ] , [ Cost of goods sold ] , [ Expenses ] ] , \ table [...
-
Olivia's dumplings has a current stock price of $ 5 6 , and pays a constant dividend of $ 3 . 2 5 per year, ever year, forever. What is the required rate of return for this stock?
Study smarter with the SolutionInn App