FINANCIAL STATEMENT EFFECTS OF FIFO AND LIFO The chart below lists financial statement items that may be affected by the use of either the FIFO or LIFO inventory costing methods:

Q: what accounting method will be used to evaluate each of the responsibility centers?

A: Responsibility accounting: Responsibility accounting refers to the various tool used by managerial a...

Q: In this exercise, you will complete a ban Maintenance Corp. One of your primary stood by the end use...

A: Bank Reconciliation:   To do a bank reconciliation you would match the cash balances on the balance ...

Q: Cost data for Disksan Manufacturing Company for the month ended January 31 are as follows: Inve...

A: Cost of goods manufactured:-  Cost of goods manufactured or COGM means, the cost incurred by the com...

Q: Distinguishing Between Common Stock and Additional Paid-in CapitalFollowing is the 2016 stockholders...

A: We have the following information: Preferred stock, no par value: 5 shares authorized; none issued ...

Q: Given the following information: Variable cost per unit $5.00 %3D July fixed cost per unit $7.00 %3D...

A: Variable cost per unit remains same at any level of production. Total variable cost changes with the...

Q: Below is budgeted production and sales information for Flushing Company for the month of December: ...

A: The production budget is prepared by the management to find out the units to be produced. It can be ...

Q: Which of the following are NOT examples of selling expenses a.Insurance Expense b.Sales Salary Expe...

A:

Q: “Since break even analysis focuses on making Zero profit, it is of no value in determining the units...

A: The zero-profit indicates that a business has recovered all its fixed costs that were allocated to t...

Q: For each individual ratio for each company, Your comments for each ratio should include more than ju...

A: Accounting Ratios are the financial tools used by an investor to interpret the financial statements ...

Q: Roberto has received various gifts over the years and has decided to dispose of the following assets...

A:

Q: Tana Thorne works in a public accoungting firm and hopes to eventually be a partner. The management ...

A: Ethics play a very important role in business at large, but particularly so in Audit since it forms ...

Q: .  Pedroni Oil Company purchased packaging equipment on January 8 for $72,000.  The equipment was ex...

A: Calculation of depreciation expense for 3 years and total depreciation expense: Straight-line deprec...

Q: Explain how the zero-coupon rate bond provides returns to the investor and elaborate on the advantag...

A: Zero coupon bond are bond which doesn't provide any coupon during life of bond but they are issued a...

Q: The company sells many styles of earrings, but all are sold for the same price - $10 per pair.  Actu...

A: Cash budget:   A cash budget is a budget or plan of expected cash receipts and disbursements during ...

Q: The standard costs and actual costs for factory overhead for the manufacture of 3,000 units of actua...

A: As the questions asked have more than 1 question, the first question is answered. If you want the an...

Q: Q8) Prepare a cash budget for the first quarter for Shamz Logistics Inc., given the following data. ...

A: Cash Budget is a statement of forecast to estimate the receipts and disbursement of cash for an enti...

Q: A commercial oven with a book value of $47,460 has an estimated remaining 5 year life. A proposal is...

A: Net differential decrease in cost from replacing equipment = Proceeds from sale of equipment - Cost ...

Q: Return on Investment The income from operations and the amount of invested assets in each division o...

A: Return on investment = Income from operations/Total assets x100

Q: Break-Even Sales and Sales to Realize Income from Operations For the current year ending October 31,...

A: Contribution margin per unit = Unit selling price - Unit variable cost Break-even sales (units) = Fi...

Q: Identify the gragh?

A: Part a: Total direct material cost increases or decreases in direct proportion to change in activity...

Q: Problem 13-74 (a) (LO. 6) Rodriquez owns real estate (adjusted basis of $57,000 and fair market valu...

A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for y...

Q: Residual Income The Consumer Division of Galena Company has income from operations of $66,580 and as...

A: Residual income is the resulted amount of expected minimum return and actual operating income.

Q: J Company uses the high-low method of estimating costs. Ajax had total costs of $50,000 at its lowes...

A: Under high low method, variable cost per unit and fixed cost are distinguished and cost on any parti...

Q: Sabas Company has 20,000 shares of $100 par, 2% cumulative preferred stock and 100,000 shares of $50...

A: Annual Dividend to Preferred shareholders = No. of preferred share outstanding x Par value per share...

Q: During its first year of operation, Archer Company purchased 5,600 units of a product at $21 per uni...

A: Requirement 1:   FIFO method:

Q: 6.A business operated at 100% of capacity during its first month, with the following results: Sal...

A: Sales revenue: It is the revenue earned by a business on selling the goods or providing services to ...

Q: Question General Information You had been given the following information: 1. On 31/12/2017 ABC Comp...

A: Opening Stock= 10000 Purchase = 11000 Additional Supplies = 5000 Closing Stock = 5000  

Q: Elaborate on the internal and external uses of financial statement analysis.

A: Financial Statement:   They are annual reports of an organization summarizing the financial activiti...

Q: Can you explain only b option

A: Meaning of ProductivityProductivity is a measure measuring the efficiency of an individual on the ba...

Q: Milano Pizza Club owns a chain of three identical restaurants for their Milan style pizza.  Each sto...

A: Flow to Equity (FTE) Approach:- It is an alternative approach to Capital Budgeting. In this approach...

Q: Waterway Steel Company, as lessee, signed a lease agreement for equipment for 5 years, beginning Dec...

A: Lease:   Lease is a contractual agreement whereby the right to use an asset for a particular period ...

Q:

A: Inventory: It is the goods and material a business hold to sell. There are two methods for recording...

Q: Cameron Bly is a sales manager for an automobile dealership. He earns a bonus each year based on rev...

A: Ethical dilemma is a situation faced in businesses which tend to confuse the subject regarding a dec...

Q: I need help with question 1 and 2. I need working out for question 3 aswell.     1. Reconstruct the ...

A: (1) The comparative balance sheet of company is as follows:

Q: If Answered within 30mins,it would be appreciable!! Answer all the  questions 1,2,3

A:

Q: Cash balance, September 1 (from a summer $5,750 job) Purchase season football tickets in September 2...

A:          The cash budget is an estimate to know the cash flow for a business over a period of time ....

Q: a. P120,400 192.450 luk 361200 6OK 64 37 b. P126,670 P130,000 d. P140,000 12k 40,600 120,1400 С. 2. ...

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any ...

Q: The 2014 comparative balance sheet and 2014 income statement of Byfield Co Ltd, have just been distr...

A:            Statement of Cash flow is one of the main financial statement which reports Cash inflow a...

Q: Accounting Question

A: Formula: Variable maintenance cost per hour = Total Variable maintenance cost / Total activity level...

Q: The company sells many styles of earrings, but all are sold for the same price - $10 per pair.  Actu...

A: Budgeting: It is a process of planning the work to be performed. Under this process a formal plan is...

Q: 5.A business operated at 100% of capacity during its first month, with the following results: Sal...

A: Introduction: Variable costing: Variable costing product cost = Direct materials + Direct labor + va...

Q: Fairgate Company’s 12/31/19 statement of financial position reports assets of $6,000,000 and liabili...

A: Goodwill is the value paid in excess of the fair value of assets less liabilities. Assets = $6,000,0...

Q: Dude Company incurred the following costs while producing 450 units: direct materials, S13 per unit,...

A: The cost can be classified into two categories i.e product cost and period cost. The product cost is...

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.