All categories

2 years ago

Which inventory costing method assumes that items in ending inventory are the most recently acquired?

1 answer:

4 0

The Last-In, First-Out (LIFO) inventory costing method assumes that items in ending inventory are the most recently acquired.

<h3>What is LIFO and FIFO methods of inventory?</h3>

LIFO refers to the Last In, First Out. LIFO is a method that assumes that the last unit that has been added in the inventory or more recently, will be sold first.

FIFO stands for First In, First Out. FIFO method assumes that the oldest unit of inventory that has been added first, would be sold first.

Basically, FIFO and LIFO accounting are the inventory costing methods used in managing inventory.

Learn more about LIFO and FIFO here:-

brainly.com/question/17236535

#SPJ4

You might be interested in

The following information pertains to Crane Company. 1. Cash balance per bank, July 31, $11,136. 2. July bank service charge not

Alexus [3.1K]

Answer:

1. Adjusted cash balance per bank $13,760

Adjusted cash balance per books $13,760

2. Jul-31

Dr Cash $2,560

Cr Notes Receivable $2,560

Jul-31

Dr Miscellaneous Expense $64

Cr Cash $64

Explanation:

1. Preparation of a Bank reconciliation statement

at July 31, 2022

CRANE COMPANY

Bank Reconciliation

July 31,2022

Cash balance per bank statement $11,136

Add: Deposits in transit $4,544

Less: Outstanding checks ($1,920)

Adjusted cash balance per bank $13,760

Cash balance per books $11,264

Add: Electronic Funds transfer Received $2,560

Less: Bank service charge ($64)

Adjusted cash balance per books $13,760

2. Preparation of the adjusting journal entries at July 31 on the books of Crane Company.

Jul-31

Dr Cash $2,560

Cr Notes Receivable $2,560

Jul-31

Dr Miscellaneous Expense $64

Cr Cash $64

7 0

3 years ago

Campbell's has been marketing soup in Japan for more than 40 years. Early on, Japanese consumers were not receptive to ads featu

Alex

Answer:

D, product-communication adaptation

Explanation:

Product adaptation can be defined as the process of modifying a product to make it useful for a variety of users.

Communication adaptation can also be defined as the change in a product's communication as a result of a change in product strategy.

Product-communication adaptation can be defined as the modification of a product for a variety of users but ensuring that the marketing of the product is through standard communication channels.

In the case of Campbell adapted his product to look like M'm M'm Good product but ensured that he used a standard communication channel (ads) to market his product.

Cheers.

6 0

3 years ago

Suppose that the production of a good generates a negative impact upon third parties. If the market does NOT take these negative

Lelu [443]

Answer:

The price will decrease and the quantity of the product sold will increase.

Explanation:

The price quoted would be lower because the social costs are not part of the cost of the product. This would increase the demand of the product because financially it is more beneficial and the price demand relation says that when the price of the good decreases the demand of the product increases and vice versa. So this means that the company will earn more but the society will have to bear the cost of the negative impacts.

6 0

3 years ago

Read 2 more answers

Josh separated people who wanted a high quality lawn mower from people who wanted a low priced lawn mower, then saw if different

Vsevolod [243]

Answer:

The correct answer is letter "D": behavioral.

Explanation:

In market segmentation, classifying customers by behavior implies analyzing their consumption patterns to find out what type of product they are likely to buy under what conditions. This research allows companies to know what each type of client is looking for so the corporation can dedicate a tailored item for each market sector. By doing so, the firm increases its opportunities to generate more sales.

3 0

3 years ago

When Kira graduated with a degree in computer science, she started her software company. On her first day of operations, she pos

kobusy [5.1K]

Answer:

Her expectation that all her employees would adhere to the laws applicable to the business

Explanation:

By adhering to the laws applicable to her business, and expecting that her employees would follow suit, helped to protect the business from the liability related to breaching laws. Moreover, operating within the legal requirements serves as the first step towards operating as an ethical firm.

7 0

3 years ago