Identify a major advantage of the FIFO method for purposes of planning and control.
Question:
Identify a major advantage of the FIFO method for purposes of planning and control.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 66% (15 reviews)
A major advantage of FIFO is ...View the full answer
Answered By
Somshukla Chakraborty
I have a teaching experience of more than 4 years by now in diverse subjects like History,Geography,Political Science,Sociology,Business Enterprise,Economics,Environmental Management etc.I teach students from classes 9-12 and undergraduate students.I boards I handle are IB,IGCSE, state boards,ICSE, CBSE.I am passionate about teaching.Full satisfaction of the students is my main goal.
I have completed my graduation and master's in history from Jadavpur University Kolkata,India in 2012 and I have completed my B.Ed from the same University in 2013. I have taught in a reputed school of Kolkata (subjects-History,Geography,Civics,Political Science) from 2014-2016.I worked as a guest lecturer of history in a college of Kolkata for 2 years teaching students of 1st ,2nd and 3rd year. I taught Ancient and Modern Indian history there.I have taught in another school in Mohali,Punjab teaching students from classes 9-12.Presently I am working as an online tutor with concept tutors,Bangalore,India(Carve Niche Pvt.Ltd.) for the last 1year and also have been appointed as an online history tutor by Course Hero(California,U.S) and Vidyalai.com(Chennai,India).
4.00+
2+ Reviews
10+ Question Solved
Related Book For
Cost Accounting A Managerial Emphasis
ISBN: 978-0136126638
13th Edition
Authors: Charles T. Horngren, Srikant M.Dater, George Foster, Madhav
Question Posted:
Students also viewed these Cost Accounting questions
-
What is a major advantage of the Wilcoxon signed-ranks test over the sign test when analyzing data consisting of matched pairs?
-
Why does the "Transferred Out" section of the FIFO method cost of production report include multiple computations, whereas the same section for the weighted average report only includes one...
-
Barley Corporation used the FIFO method for inventory valuation when it began operations because this reflected the true physical flow of inventory. Its inventory under FIFO is valued at $375,000 at...
-
Prepare a set of profile leveling notes for the data listed and show the page check. All data is given in feet. The elevation of BM A is 1364.58, and the elevation of BM B is 1349.26. Rod readings...
-
An X-ray photon with ( = 0.6500 nm scatters from an electron. The wavelength of the scattered photon is 0.6510 nm. (a) Is the scattering angle in this case greater than, less than, or equal to 152?...
-
The end of the year is approaching, and Maxine has begun to focus on ways of minimizing her income tax liability. Several years ago, she purchased an investment in Teal Limited Partnership, which is...
-
Tracking Co. holds an AFS bond investment in Fields Corp. The carrying value of the investment is \(\$ 4,500\) at December 31, 2020. Tracking Co. determines the fair value of the investment at the...
-
Cushenberry Corporation had the following transactions. 1. Sold land (cost $12,000) for $15,000. 2. Issued common stock at par for $20,000. 3. Recorded depreciation on buildings for $17,000. 4. Paid...
-
Huron Company produces a commercial cleaning compound known as Zoom. The direct materials and direct labor standards for one unit of Zoom are given below: Direct materials Direct labor Standard...
-
Your uncle owns 10,000 shares of Walmart stock. He is concerned about the short-term outlook for Walmarts stock due to an impending major announcement. This announcement has received much attention...
-
Why should the FIFO method be called a modified or department FIFO method?
-
Identify the main difference between journal entries in process costing and job costing?
-
A scatterplot contains four points: (2,2), (1,1), (0,0), and (1,1). A fifth point, (2,y), is to be added to the plot. Let r represent the correlation between x and y. a. Find the value of y so that r...
-
1) Calculate the future value of $130,000 in 40 weeks at a 5% annual interest rate. 2) Suppose you win a $300 million jackpot in a lottery, which promises to pay you $20 million per year for the next...
-
See photo attached for question Homework: MT217 M5 Competency Assessment Score: 0 of 5 pts Problem 7.LO4.16 15 of 20 (17 complete) Save HW Score: 80%, 80 of 100 pts Question Help AU.S. Government...
-
From a company's budget for next year, the operating profit before depreciation is estimated at NOK 100,000. Depreciation is estimated at NOK 20,000, while interest is estimated at NOK 10,000 and...
-
You plan on retiring in 15 years. You need $4,000 per month to live after you retire. You have average life expentency of 15 years after your retirement. How much you need to be saving every month...
-
Romance Scam are a scam artist and are looking to take advantage of a person online in an effort to defraud them of as much money as possible. In your pursuit of your criminogenic behaviour, you will...
-
In small groups, identify and discuss the signifi cant trends related to diversity that have affected your agencies. What SHRM initiatives have been established in your agencies to meet these...
-
Highland Theatre is owned by Finnean Ferguson. At June 30, 2014, the ledger showed the following: Cash, $6,000; Land, $100,000; Buildings, $80,000; Equipment, $25,000; Accounts Payable, $5,000;...
-
Sketch the propene molecule, CH 3 CH CH 2 . Indicate the bond angles in this molecule. What is the maximum number of atoms that can be in the same plane?
-
All of the following are accurate regarding the treatment of normal or abnormal spoilage by a firm with the exception of a. Abnormal spoilage is excluded in the standard cost of a manufactured...
-
Normal spoilage rate is computed by dividing the units of normal spoilage by total actual units started in production. Do you agree? Explain.
-
The inspection point is key to the allocation of spoilage costs. Do you agree? Explain.
-
1. Z-Mart had sales of $354,700. Its cost of goods sold was $143,400. What is the gross profit? A) $211,300. B) $231,500. C) $354,700. D) $143,400. E) 40%. 2. Z-Mart had sales of $569,300. Its gross...
-
Interest paid on the principal and also on previously earned interest, assuming that the interest is left in the account, is called _____________________. Group of answer choices Compound Interest...
-
A standard is a unit amount and a budget is a total amount. Group of answer choices True False
Study smarter with the SolutionInn App