Cidjxjskakdns sorry for commenting , I needed points
Answer:
c. $64 million
Explanation:
For computing the revenue recognized, first we have to determine the percentage which is shown below:
= Cost incurred in 2014 ÷ expenses incurred
= $48 million ÷ $120 million
= 40%
And, the contract price is $160 million
So, the revenue recognized would be
= Contract price × percentage
= $160 million × 40%
= $64 million
LIFO will involve lower income tax expenses.
FIFO ("first in, first out") is based on these production costs, assuming that the
oldest products in a company's inventory are sold first. The LIFO (last in, first out) method assumes that the newest product in the company's inventory was sold first, and uses that cost instead. The last-in, first-out (LIFO) method assumes that the last-purchased inventory is sold first to the consumer.
FIFO (First In, First Out) Inventory Management evaluates inventory to reduce the likelihood of business losses when products are phased out or discontinued. LIFO (last in, first out) inventory management is suitable for non-perishable goods and uses the current price to calculate the cost of goods sold.
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Marginal social cost is defined as the marginal private cost plus the opportunity cost.
When an extra or additional unit of a good or service this produced brings about a change in society's total cost. This change in society's total cost is called marginal social cost. This includes both the opportunity cost and the marginal private cost. So it is the total of the private cost and the external cost that the person has to pay.
Marginal private cost is the change in the total cost of the producer due to the production of an additional unit of a good or service. This cost is also known as the marginal cost of production For example if the production of a person's costs rises from$1,000 to $1,050 due to the production of this one good being produced for $50 is known as the marginal private cost.
The opportunity cost is the benefit the person would have gotten if he would have invested the money elsewhere. For example, if the person has an extra $50. He can either invest it in the business or he can invest it in the bank and get the interest. The interest money that the person has to forgo is called the opportunity cost.
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