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1 year ago

Case D. Stewart Company reports the following inventory record for November:

1 answer:

5 0

The cost of ending inventory and the cost of goods sold under each of the following methods: Under the LIFO method, Sales Less: Cost of Goods sold Gross Profit less: Selling, admin, depreciation Income before.

Final in, first out (LIFO) is a technique used to account for inventory. beneath LIFO, the expenses of the maximum recent products bought (or produced) are the primary ones to be expensed. LIFO is used most effectively inside the USA and governed via the commonly ordinary accounting standards (GAAP).

The LIFO method is used within the COGS (value of products sold) calculation while the fees of manufacturing a product or obtaining inventory have been growing. this will be because of inflation.

The ultimate-In, First-Out (LIFO) method assumes that the last unit to arrive in stock or greater latest is offered first. the first-In, First-Out (FIFO) approach assumes that the oldest unit of inventory is sold first.LIFO effects decrease internet earnings because the price of products offered is better, so there may be a decrease in taxable profits.” decreased tax legal responsibility is a key reason some organizations decide on LIFO.

Learn more about LIFO here: brainly.com/question/24938626

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2 years ago

Read 2 more answers

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3 years ago

Bloom Corporation purchased $1,000,000 of Taylor Company 5% bonds at par with the intent and ability to hold the bonds until the

VashaNatasha [74]

Answer:

Since Bloom plans to sell the bonds, it must record the entire loss as credit loss (loss on sale of bonds)

Dr Other than temporary impairment loss 400,000

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Credits losses must be recognized as a loss in earnings in the income statement.

Journal entry to record credit loss:

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Journal entry to record non-credit loss:

Dr Other than temporary impairment loss 150,000

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2 years ago

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Merit pay is a very good incentive which gives employees a sense of belonging in an organisation. it helps employees boost their moral as they are sure that their efforts will be well compensated by the organisation.

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3 years ago

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Answer

The answer and procedures of the exercise are attached in the following archives.

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