Answers
False. LIFO and FIFO inventory valuation methods will produce different reported net income if prices of inventory remain unchanged throughout the year.
LIFO stands for “last in, first out” and FIFO stands for “first in, first out”. In LIFO, the most recently purchased inventory is assumed to be the first to be sold. This results in higher costs of goods sold and lower net income. In contrast, FIFO assumes that the first purchased inventory is the first sold. This results in lower costs of goods sold and higher net income. Therefore, if prices of inventory remain unchanged throughout the year, the reported net income will be different depending on which inventory valuation method is used.
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Related Questions
Pepper Department store allocates its service department expenses to its various operating (sales) departments. The following data is available for its service departments:
Expense Basis for allocation Amount
Rent Square feet of floor space $ 30,000
Advertising Amount of dollar sales 36,000
Administrative Number of employees 51,000
The following information is available for its three operating (sales) departments:
Department Square Feet Dollar Sales Number of employees
A 3,200 $ 236,000 5
B 4,800 $ 354,000 7
C 8,000 $ 590,000 8
Totals 16,000 $ 1,180,000 20
What is the total expense allocated to Department B?
Answers
- Rent: $30,000 / 16,000 sq ft = $1.875 per sq ft
- Advertising: $36,000 / $1,180,000 = 0.03 per dollar of sales
- Administrative: $51,000 / 20 employees = $2,550 per employee
Using these allocation rates, we can allocate the expenses to each department:
- Department A: (3,200 sq ft x $1.875/sq ft) + ($236,000 x 0.03) + (5 employees x $2,550/employee) = $6,000 + $7,080 + $12,750 = $25,830
- Department B: (4,800 sq ft x $1.875/sq ft) + ($354,000 x 0.03) + (7 employees x $2,550/employee) = $9,000 + $10,620 + $17,850 = $37,470
- Department C: (8,000 sq ft x $1.875/sq ft) + ($590,000 x 0.03) + (8 employees x $2,550/employee) = $15,000 + $17,700 + $20,400 = $53,100
Therefore, the total expense allocated to Department B is $37,470.
Develop a research instrument can be used to asset costumer buying behavior for any product of your own choice business
Answers
Focus groups, interviews, and other qualitative research techniques can reveal your customers' underlying motivations and causes. The data used in the desk research already exist.
There are four distinct forms of consumer behavior: complex purchases, reduced dissonance, diversity and habitual purchases.
Customer behavior analysis including both quantitative and qualitative data points. Statistical data collected from respondents and open-ended thoughts about purchasing behavior should rely heavily on surveys to analyze consumer attitudes and behavior.
Consumer research is especially important when a company decides to launch a new product. Businesses conduct market research to learn more about consumers, their needs, and satisfaction.
Perhaps the most popular method of consumer research is surveys, and for good reason. Surveys don't always provide the same insights as interviews, but they're much easier to design and can encourage customer participation.
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On February 1, Alan, a single individual, purchased his first personal residence for $400,000. On July 1, Alan sold this residence for $460,000 because he accepted a new job in another state. Consequently, Alan occupied the home for only 150 days. How much gain must Alan recognize
Answers
Answer:
Recognized gain = $60000
Explanation:
Below is the calculation:
Price of personal resident = $400000
Selling price = $460000
Since Alan purchased the house for $400000 and selling it for $460000. Therefore recognized gain can be determined by subtracting the purchase price from the selling price.
Recognized gain = $460000 - $400000
Recognized gain = $60000
Phyllis makes a deal with her niece Stephanie that if Stephanie gave up gambling for two years, Phyllis would pay Stephanie $5,000. Stephanie gave up gambling for the required two years. Does this deal have valid consideration
Answers
Answer:
Yes .
Explanation:
I think so because Stphanie did what Phyllis asked , now she should get her well deserved $5,000 .
How do perspectives on competitive advantage differ when comparing brick-and-mortar stores to online businesses (e.g. Best Buy versus Amazon, Old Navy versus Threadless [noted in Strategy Highlight 5.2]). Make recommendations to a primarily brick-and-mortar retail firm on how to compete more effectively with online firms. Do your suggestions fall mostly into the accounting, shareholder, or economic point of view on competitive advantage
Answers
Answer:
Competitive advantage is about the strengths and capabilities, unique characteristics of any product or service, an individual, or a firm. It is hard to gain a competitive advantage because becoming different and achieving what others or other products do not possess is not at all easy. It requires a lot of time, planning, dedication and determination to grow above all and gain competitive advantage over them.
Discuss the functions of government necessary for a country
Answers
The functions of government are crucial for the proper functioning and development of a country. These functions can vary depending on the type of government system in place, but there are several key functions that are commonly considered necessary for a country's stability and progress.
1. Legislation and Governance: One of the primary functions of government is to create and enforce laws that maintain order, protect individual rights, and promote the welfare of the citizens. Governments establish institutions and frameworks for governance, ensuring the rule of law and providing a system of justice.
2. Defense and Security: Governments are responsible for safeguarding the country and its citizens from external threats. This involves maintaining armed forces, intelligence agencies, and diplomatic relations to protect national security interests.
3. Economic Management: Governments play a crucial role in managing and regulating the economy. They establish fiscal and monetary policies, oversee financial institutions, promote trade, and create an environment that supports economic growth and stability. Government intervention is often necessary to address market failures, promote fair competition, and protect consumers.
4. Social Welfare: Governments have a responsibility to ensure the well-being and social welfare of their citizens. This includes providing basic services such as healthcare, education, social security, and infrastructure development. Governments also implement social policies to address poverty, inequality, and promote equal opportunities.
5. Public Services: Governments are responsible for delivering essential public services, such as transportation, utilities, public safety, and environmental protection. These services are necessary for the functioning of society and improving the quality of life for citizens.
6. Diplomacy and International Relations: Governments engage in diplomatic activities and maintain relationships with other nations. They negotiate treaties, participate in international organizations, and represent the country's interests abroad. Governments also address global challenges, such as climate change and human rights, through international cooperation.
7. Public Communication and Information: Governments have a role in providing transparent and accurate information to the public. They engage in public communication, disseminate information, and promote citizen engagement and participation in the decision-making process.
These functions of government are essential for maintaining social order, promoting economic growth, protecting citizens' rights, and ensuring the overall well-being of a country. Effective governance requires a balance between these functions, adaptability to changing circumstances, and responsiveness to the needs and aspirations of the citizens.
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What is the purpose of DSM-5?
Answers
Answer:
manual for assessment and diagnosis of mental disorders and does not include information or guidelines
What is the residual income(loss) if a company has sales of $205,000, cost of goods sold of $115,000, operating expenses of $40,000, average invested assets of $915,000, and hurdle rate of 12.75 percent?
Answers
Answer:
Following are the solution to this question:
Explanation:
value Amount
Sale \(\$ 205,000\)
The less cost of product sol \(\$115,000\)
The less operate expenses \(\$40,000\)
Earning \(= \$205,000- \$115,000 - \$40,000 = \$ 50,000\)
Average funds invested \(\$915,000\)
Investment return \(= \frac{ \$50,000}{\$915,000} \times 100 = 5.464 \%\)
Required Income \(= \$ 915,000\times 12.75\% = \$ 116,662.5\)
Residual Income (Loss) \(= \$50,000 - \$116,662.5 = (\$66,662.5)\)
Rosario Department Store uses a perpetual inventory system. Data for product
E2-D2 includes the following purchases.
Number of Units 50
Unit Price $10 $30
May 7
July 28
On June 1, Rosario sold 26 units, and on August 27, 40 more units. Prepare the perpetual
inventory schedule for the above transactions using (a) FIFO, (b) LIFO, and (c) moving-average
Answers
The perpetual inventory schedule using FIFO shows a balance of 64 units and a cost of goods sold of $660, using LIFO shows a balance of 64 units and a cost of goods sold of $1,980, and using the moving-average method shows a balance of 64 units and a cost of goods sold of $1,320.
To prepare the perpetual inventory schedule using FIFO, LIFO, and moving-average, we need to track the purchases, sales, and remaining inventory for the product E2-D2. Let's calculate the inventory schedule for each method:
(a) FIFO (First-In, First-Out):
Using the FIFO method, we assume that the first units purchased are the first ones sold. The perpetual inventory schedule is as follows:
Date Purchases Sales Balance Cost of Goods Sold
May 7 50 units -
June 1 26 units 24 units $10/unit * 26 = $260
July 28 - 24 units -
August 27 40 units 64 units $10/unit * 40 = $400
The balance at the end of August 27 is 64 units, and the cost of goods sold is $260 + $400 = $660.
(b) LIFO (Last-In, First-Out):
Using the LIFO method, we assume that the last units purchased are the first ones sold. The perpetual inventory schedule is as follows:
Date Purchases Sales Balance Cost of Goods Sold
May 7 50 units -
June 1 26 units 24 units $30/unit * 26 = $780
July 28 - 24 units -
August 27 40 units 64 units $30/unit * 40 = $1,200
The balance at the end of August 27 is 64 units, and the cost of goods sold is $780 + $1,200 = $1,980.
(c) Moving-Average:
Using the moving-average method, we calculate the average cost per unit based on all purchases. The perpetual inventory schedule is as follows:
Date Purchases Sales Balance Cost of Goods Sold
May 7 50 units -
June 1 26 units 24 units $20/unit * 26 = $520
July 28 - 24 units -
August 27 40 units 64 units $20/unit * 40 = $800
The balance at the end of August 27 is 64 units, and the cost of goods sold is $520 + $800 = $1,320.
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for each of the following variables, identify the type of variable (numeric or categorical)
and level of measurement (nominal, ordinal, interval, or ratio).
a. Total flight time of the second-year pilots in American Airline
b. Gender of the second-year pilots in American Airline
c. Average pilot salary of OECD countries
d. The number of Airplane runways at US National Airport
Answers
The types of variables will be:
a. Numeric,
b. Categorical,
c. Numeric,
d. Numeric,
What is a variable?A variable can be defined as the quantity and the set that can be identified. A categorical variable is one where the group is being made and organized. The numeric value is the one that can be measured.
A. A ratio must always be positive because the total flying time cannot be negative. This information has a defined zero point and can be stated numerically.
B. As gender can always be ranked as well as Categorical, the answer is b. categorical and nominal. There is no order to the data, which is expressed as names and labels.
C. In numbers, the ratio is always positive because the typical pilot compensation is positive. This information has a specified zero point and can be stated numerically.
D. Ratio, since the number of runways will never be negative. This information has a defined 0 and can be stated numerically.
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Can you help me
please
Answers
Answer:
united nation childrens funds
Explanation:
i hope it helpful
How does working capital impact a firm’s value?
Answers
Answer:
Explanation:
a lot of things
in the cash book, every cash receipt is______ and every cash payment is_______
Answers
Your plan calls for using apprentice plumbers in place of fully licensed plumbers for some jobs. If the apprentice plumbers are 60% as productive as licensed plumbers and licensed plumbers cost $60 per hour, what is the most you should pay for apprentice plumbers?
Answers
Answer:
36
Explanation:
What is the relationship between policies to strategies
Answers
While policies and strategies are distinct concepts, they are interdependent and complement each other in achieving organizational goals.
Strategies are the broad, long-term plans formulated by an organization to achieve its objectives. They outline the overall approach, direction, and competitive positioning of the organization. Strategies are high-level and provide a framework for decision-making and resource allocation.
Policies, on the other hand, are specific guidelines, rules, or protocols that dictate how decisions and actions should be taken within an organization. They are more operational and focus on detailing the procedures and practices required to implement the strategic goals and objectives.
The relationship between policies and strategies is that policies support the execution of strategies. Strategies provide the overarching vision and direction, while policies provide the specific guidelines and rules that guide the day-to-day operations aligned with the strategic objectives.
Policies help ensure consistency, efficiency, and compliance with the strategic intent, enabling the organization to effectively implement its strategies.
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what step in the rational decision-making process involves assessing what worked and did not work about the process and solution
Answers
The step in the rational decision-making process which involves assessing what worked and did not work about the process and solution is defining the problem.
What is rational decision-making process?Rational decision can be described as the opposite of intuitive decision making.
It can be described as the strict procedure utilizing objective knowledge and logic and this also involves identifying the problem to solve, it hence The step in the rational decision-making process which involves assessing what worked and did not work about the process and solution is defining the problem.
In conclusion, Decision making serves as the process that involves consideration of choices through the identification of a decision.
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Answer:
the last step
Explanation:
100 pts
The table identifies how many thousands of units of corn and diamonds the United States and Congo can produce in one week. Use this data to answer the question that follows.
Corn
Diamonds
United States
60
10
Congo
20
5
Which statement is true based on the data table?
The United States should specialize in diamonds and trade for corn.
The United States should specialize in corn and trade for diamonds.
Congo should specialize in corn and trade for diamonds.
Congo should specialize in both corn and in diamonds.
Answers
Answer:
In view of the units of corn and precious stones delivered by the US, the open-door cost of creating corn is B. 10⁄60.
What is the open-door cost of delivering corn?
The open-door cost of delivering corn to the US would be the number of precious stones that are surrendered to make one unit of corn.
This can be found as:
= Units of jewels/Units of corn
= 10/60 jewels
All in all, choice B is right.
Answer:
B) The United States should specialize in corn and trade for diamonds.
Explanation:
I got it right on the test
what are the important seo features ?
Answers
The important seo features are Keyword Research, On-Page Optimization, High-Quality and Engaging Content, Link Building, Mobile-Friendly Design, Site Speed and Performance and User Experience (UX).
While SEO is a complex and multifaceted field, there are several important features that contribute to an effective SEO strategy. Let's explore some of these features:
Keyword Research: Keyword research involves identifying the specific search terms and phrases that users are likely to use when searching for information related to your website's content. On-Page Optimization: On-page optimization refers to optimizing individual web pages to make them more search engine-friendly. This includes optimizing title tags, meta descriptions, headers, URLs, and incorporating relevant keywords naturally within the content. High-Quality and Engaging Content: Creating high-quality, informative, and engaging content is crucial for SEO. Search engines prioritize content that provides value to users.Link Building: Link building involves acquiring high-quality backlinks from other reputable websites. Backlinks act as "votes of confidence" for your website, indicating to search engines that your content is trustworthy and authoritative. Mobile-Friendly Design: With the increasing use of mobile devices for internet browsing, having a mobile-friendly website is essential. Site Speed and Performance: Website speed and performance play a vital role in SEO. Search engines prioritize delivering fast and efficient user experiences.User Experience (UX): Providing a positive user experience is critical for SEO success. Factors such as easy navigation, clear site structure, intuitive design, readable fonts, and engaging multimedia elements contribute to a better user experience.For such more question on Research:
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All of the following statements about the geography of meat production in the United States and Canada are true EXCEPT:
O Industrial farmers are raising ever-increasing numbers of animals on their farms.
O Animal slaughtering and meat-processing activities are dominated by a few large corporations.
O The development of the poultry industry has made chicken the least expensive kind of meat consumed in the United States and Canada.
O Fast-food restaurants have created a demand for increased standardization and homogeneity of animals raised for meat.
O Consumer demand for organic foods has significantly decreased the amount of meat produced by most agribusiness firms.
Answers
Answer:
All of the following statements about the geography of meat production in the United States and Canada are true EXCEPT: Consumer demand for organic foods has significantly decreased the amount of meat produced by most agribusiness firms.
Explanation:
Organic foods are grown without the use of synthetic additives like fertilizer and pesticides for plants, antibiotics and growth hormones for animals.
Consumer demand for organic products due to its health benefits has not significantly decreased the amount of meat produced by most agribusiness firms. Instead, it has created another lucrative business niche for meat production corporations.
Organic foods are now being produced to meet the demand for it along side with those that are not organic.
There is however a higher charge associated with organic foods.
Answer
Consumer demand for organic foods has significantly decreased the amount of meat produced by most agribusiness firms .
Explanation:
extranaughtee kitties, inc., sells obscene materials. this is
Answers
bhbhh lh l lljh l lh ;h ;hh hkkhh hj hjb Answer: jhh ki
Explanation:
explain PPP in 300 words
Answers
what is mean, meadian, mode ?
Answers
Answer:
Can u tell us for what tho?
Explanation:
Answer:
A mean is the total of numbers divided by how many numbers there are, A mode is a number that appears the most, and a median is the middle number of the data set.
Explanation:
I hoped I helped :)
Someone help soon please!
Answers
Answer:
i'd go with some time in colage with ne degree. ;)
Explanation:
Althea Brown contributed equipment, inventory, and $34,000 cash to a partnership. The equipment had a book value of $23,000 and a market value of $29,000. The inventory had a book value of $60,000 but only had a market value of $15,000 due to obsolescence. The partnership also assumed a $12,000 note payable owed by King that was used originally to purchase the equipment. Provide the journal entry for Brown’s contribution to the partnership. 5pts.
Answers
The journal entry for Brown’s contribution to the partnership are:
Dr. Cash 34,000
Dr. Inventory 15,000
Dr. Equipment 29,000
Cr Notes Payable 12,000
Cr Althea Brown, Capital 66,000
For instance, the accompanying effects might be felt on the partner's capital record and outside premise: Commitments to the association - Build the capital record and outside premise. Appropriations: Lessens the capital record and outside premise.
These capital records address the responsibility for the organization by the accomplices. The Accomplices' Capital Record is an Individual record since it was intended for reporting changes connected with accomplices' capital.
Given:
Dr. Cash 34,000
Dr. Inventory 15,000
Dr. Equipment 29,000
Cr Notes Payable 12,000
Cr Trevor Smith, Capital 66,000
(78,000-12,000)
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When a route in a transportation problem is unacceptable, the corresponding variable can be removed from the LP formulation. True False
Answers
Answer:
True
Explanation:
Which term is used to describe the physiological process of decoding sounds?
Answers
Hope this helps queen
Borques Company produces and sells wooden pallets that are used for moving and stacking materials. The operating costs for the past year were as follows:
Variable costs per unit:
Direct materials $2.85
Direct labor $1.92
Variable overhead $1.60
Variable selling $0.90
Fixed costs per year:
Fixed overhead $180,000
Selling and administrative $96,000
During the year, Borques produced 200,000 wooden pallets and sold 204,300 at $9 each. Borques had 8,200 pallets in beginning finished goods inventory; costs have not changed from last year to this year. An actual costing system is used for product costing.
Required:
a. What is the per-unit inventory cost that is acceptable for reporting on Borques’s balance sheet at the end of the year?
b. How many units are in ending inventory?
c. Calculate absorption-costing operating income.
Answers
Answer:
Borques Company
a. Unit inventory cost = $7.27
b. Ending inventory = 3,900 units
c. Absorption-costing operating income = $73,569
Explanation:
a) Data and Calculations:
Variable costs per unit:
Direct materials $2.85
Direct labor $1.92
Variable overhead $1.60 $6.37
Variable selling $0.90 $7.27
Fixed costs per year:
Fixed overhead $180,000
Selling and administrative $96,000 $276,000
Selling price per unit = $9
Acceptable per-unit inventory cost:
Variable product cost per unit = $6.37
Total variable production cost = $1,274,000
Fixed production cost = 180,000
Total production cost = $1,453,000
Unit inventory cost = $7.27 ($1,453,000/200,000)
b. Ending inventory
Beginning inventory 8,200
Production units = 200,000
Units available 208,200
Sales units = 204,300
Ending inventory 3,900
c. Absorption Costing Operating Income:
Sales Revenue $1,838,700 ($9 * 204,300)
Cost of goods sold 1,485,261 ($7.27 * 204,300)
Gross profit $353,439
Selling expenses:
Variable ($0.90 * 204,300) 183,870
Fixed 96,000
Total selling expenses $279,870
Operating income $73,569
Where should you be on the focus-chaos scale to benefit from this course?
Answers
Based on the focus-chaos scale, to benefit from any course, you have to be on the left side of the scale.
What is the focus-chaos scale?This is a scale that is used to describe the focus and planning attribute of different types of people.
The people on the left are in the focus section and then to organize their lives well and embarked on planned activities. Youl'll have to lean towards this side to benefit from most courses as they require you to be organized in your learning.
The right side has the chaotic people who may not be organized, but someone find a way to live life successfully. It is harder to pass courses using this.
The complete question wasn't given so I gave a general discussion.
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When it come to getting your alcohol awareness card
Two friends are in your business. One of them is visibly intoxicated. You tell the VIP you cannot serve him any more alcohol. The friend gives the VIP their drink. What must you do?
Answers
If you are a server or bartender with an alcohol awareness card, it is important to adhere to the laws and regulations regarding the sale and service of alcohol.
As a server or bartender with an alcohol awareness card, if a visibly intoxicated VIP is given another drink by their friend, it is your responsibility to take appropriate steps to prevent the VIP from consuming more alcohol. Politely remind the friend that it is illegal to give alcohol to someone who is visibly intoxicated and refuse to serve any more alcohol to the VIP.
Inform the friend that their action is a violation of the laws, and involve a manager or supervisor if necessary to prevent the VIP from being served any more alcohol. As a responsible server or bartender, you have a legal and ethical responsibility to serve alcohol responsibly and prevent overconsumption and impaired driving.
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When an online travel agent gets paid a commission, that’s called a?
Answers
When an online travel agent gets paid a commission, that's called an affiliate commission. Affiliate marketing is a popular business model used by many companies to sell products and services online. In the travel industry, online travel agents (OTAs) partner with hotels, airlines, car rental companies, and other travel-related businesses to promote and sell their products. In return, the OTAs receive a commission on each sale made through their website.
The affiliate commission varies depending on the agreement between the OTA and the travel supplier. Some suppliers offer a fixed commission rate, while others offer a tiered commission structure based on the volume of sales generated by the OTA. Typically, the commission ranges from 5% to 25% of the total sale value.
To track and pay the affiliate commission, OTAs use affiliate marketing software that provides real-time tracking and reporting of sales and commissions. The software also ensures that the commission is paid accurately and on time.
In summary, an online travel agent earns an affiliate commission when they promote and sell travel products and services on behalf of travel suppliers. The commission is a percentage of the sale value and is paid to the OTA through affiliate marketing software.
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