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Lyrx [107]
1 year ago
8

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

Business
1 answer:
worty [1.4K]1 year ago
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

#SPJ4

You might be interested in
How do i find ending merchandise and cost of goods sold (accounting)
Sergio [31]
Ending merchandise = beginning Merchandise + net purchases- cost of goods sold
Cost of goods sold= beginning merchandise + purchases during the period- ending merchandise
3 0
2 years ago
Michael Company reports the following account balances at the end of the first year of​ operations: Revenues $ 160 comma 000 Cos
professor190 [17]

Answer:

$46,000

Explanation:

The computation of the total liabilities at the end of the first​ year is shown below:

We know that

Total assets = Total liabilities + stockholder equity

where,

Total assets = Cash + land + short term investment

                    = $102,000 + $40,000 + $14,000

                    = $156,000

Stockholder equity = Common stock + net income - dividend paid

                                = $50,000 + 72,000 - $12,000

                                = $110,000

So, the total liabilities would be

= $156,000 - $110,000

= $46,000

Working Note:

The net income is

= Revenue - cost of goods sold - Salaries Expense -  Utilities Expense - Advertising Expense ​

= $160,000 - $46,000 - $21,000 - $11,000 - $10,000

= $72,000

3 0
3 years ago
Bridge City Consulting bought a building and the land on which it is located for $175,000 cash. The land is estimated to represe
Darya [45]

Answer:

Part 1

D.E = $5,300

Part 2

a. Book Value = $61,900

b. Book Value = $122,500

Explanation:

Step 1 : Determine the Cost of Buildings

<em>Separate the Cost of Land and the Cost of Building from the Purchase Price</em>

<u>Calculation of the Cost of Building</u>

Purchase Price ($175,000 x 30%)   $52,500

Building Renovations                      $20,000

Total                                                  $72,500

Step 2 : Depreciation calculation

<em>Depreciation expense = (Cost - Residual Value) ÷ Useful Life</em>

                                      = ($72,500 - $19,500) ÷ 10

                                      = $5,300

After Year 2

<u>Buildings :</u>

Accumulated Depreciation = $10,600

Book Value = $72,500 - $10,600 = $61,900

<u>Land </u>

Book Value = $175,000 x 70% = $122,500

Note : Land is not depreciated

5 0
2 years ago
-5, 10, -20, 40,<br> Pattern:<br> Conjecture for next number:
Reika [66]

Answer:

pattern: mulitplied by -2

conjecture for next number: -80

Explanation:

for each number, it gets multiplied by -2.

two negatives make a positive.

:)

3 0
2 years ago
In 2016, Chaya Corporation, an accrual basis, calendar year taxpayer, provided services to clients andearned $25,000. The client
Artemon [7]

Answer:

$27,333.33

Explanation:

The computation of the amount of income reported is shown below:

= Provided services to the customer + Payment received × number of months ÷ given number of months

= $25,000 + $12,000 × 7 months ÷ 36 months

= $25,000 + $2,333.33

= $27,333.33

The seven months is calculated from the June 1 to December 31. We assume the books are closed on December 31

7 0
2 years ago
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