Southeast Steel, Inc., changed from the FIFO inventory costing method to the LIFO method during 2020. How
Question:
Southeast Steel, Inc., changed from the FIFO inventory costing method to the LIFO method during 2020. How would this change likely be reported in the 2021 comparative financial statements?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 72% (11 reviews)
Accounting records of prior years usually are inadequate to determine the cumu...View the full answer
Answered By
Ali Khawaja
my expertise are as follows: financial accounting : - journal entries - financial statements including balance sheet, profit & loss account, cash flow statement & statement of changes in equity -consolidated statement of financial position. -ratio analysis -depreciation methods -accounting concepts -understanding and application of all international financial reporting standards (ifrs) -international accounting standards (ias) -etc business analysis : -business strategy -strategic choices -business processes -e-business -e-marketing -project management -finance -hrm financial management : -project appraisal -capital budgeting -net present value (npv) -internal rate of return (irr) -net present value(npv) -payback period -strategic position -strategic choices -information technology -project management -finance -human resource management auditing: -internal audit -external audit -substantive procedures -analytic procedures -designing and assessment of internal controls -developing the flow charts & data flow diagrams -audit reports -engagement letter -materiality economics: -micro -macro -game theory -econometric -mathematical application in economics -empirical macroeconomics -international trade -international political economy -monetary theory and policy -public economics ,business law, and all regarding commerce
4.00+
1+ Reviews
10+ Question Solved
Related Book For
Intermediate Accounting
ISBN: 978-1260481952
10th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas
Question Posted:
Students also viewed these Business questions
-
Sugarbaker Designs Inc. changed from the FIFO inventory costing method to the average cost method during 2018. Which items from the 2017 financial statements should be restated on the basis of the...
-
Sugarbaker Designs Inc. changed from the FIFO inventory costing method to the average cost method during 2021. Which items from the 2020 financial statements should be restated on the basis of the...
-
The following are independent events: a. Changed from the FIFO to the LIFO inventory cost flow assumption. b. Wrote off patent due to the introduction of a competing product. c. Changed accounting...
-
The following set of dotplots with overlaid boxplots gives the number of pairs of flip-flops students said they owned for 13 males (top) and 37 females (bottom) in a statistics class. The five-number...
-
Write parametric equations for two perpendicular lines that intersect at the point (3, 2), with one line having a slope of -0.5.
-
True or False The function (x) = x 4 + x 2 + x is an even function. Justify your answer.
-
Using only the data in Table 4-17, create a set of relational tables that solve the update, insert, and delete anomalies. Table 4-17 Invoice table Invoice # Date Order Date Customer ID Customer Name...
-
Carolina Fashions, a shirt manufacturer, recently switched to activity-based costing from the department product costing method. The manager of Building S, which manufactures the shirts, has...
-
You have $100,000 to invest in a portfolio containing Stock X and Stock Y. Your goal is to create portfolio that has an expected return of 12.7 percent. If Stock X has an expected return of 11.4...
-
On 1 July 2013 Tony Ltd acquired all of the share capital (cum div)of Claire Limited for a consideration of $600,000 cash and a brand with a fair value of $50,000. At the date of acquisition Claire's...
-
Three programmers at Feenix Computer Storage, Inc., write an operating systems control manual for Hill-McGraw Publishing, Inc., for which Feenix receives royalties equal to 12% of net sales....
-
In 2020, Quapau Products introduced a new line of hot water heaters that carry a one-year warranty against manufacturers defects. Based on industry experience, warranty costs were expected to...
-
Thermo Fisher paid $76 per share for each outstanding share of Life Tech. What is the maximum offer price Thermo Fisher could have made without ceding all of the synergy value to Life Tech...
-
Makayla just got a job with UGrowIt, a company that helps people grow vegetables. The job requires gathering data from similar companies and the economy, and then using software to analyze the data...
-
Ankur has N magic sticks, each of some length. All magic sticks are of fixed length and cannot be broken. Now Ankur wants to build a square using exactly 6 of those magic sticks. Now Ankur wonders in...
-
Find a common (i.e., a shared resource) that is tragic (i.e., is inevitably degraded) in your own life. It may be something that you observe in your town, job, school, or home, but it must have the...
-
1. Describe three ways that HRM in public service organizations differs according to whether the context is governmental or nonprofit. Look at Figure 1.2 and how the functions are categorized as...
-
At a Keurig coffee manufacturing plant, the managers realized that an unusually high number of employees were giving their two-week's notice to terminate their employment, over the last six months....
-
Which is the foundation of an accurate hotel sales forecast? a. Sales history b. Budget c. Number of rooms currently on the books d. Current guest arrival list
-
What is a content filter? Where is it placed in the network to gain the best result for the organization?
-
Discuss at least two situations in which estimates could affect the usefulness of information in the balance sheet.
-
Perez Company reported an increase in inventories in the past year. Discuss the effect of this change on the current ratio (current assets current liabilities). What does this tell a statement user...
-
Perez Company reported an increase in inventories in the past year. Discuss the effect of this change on the current ratio (current assets current liabilities). What does this tell a statement user...
-
The management accountant of L plc has recently discovered that the company is about to launch a major new product which is expected to cause a huge increase in company profits. He has therefore...
-
You decide to sell your home in Chicago, Illinois without using a Realtor. The home is listed on Zillow for $ 275,000. Within two days of the listing date you receive an offer for the full asking...
-
hampshire products will pay a dividend of $4 per share a year from now. financial analysts believe that dividends will rise at 6 percent per year for the foreseeable future. what is the dividend per...
Study smarter with the SolutionInn App