All categories

4 years ago

The inventory costing method that assigns the most recent costs to cost of goods sold is

1 answer:

5 0

An inventory costing method that assigns the most recent cost to cost of goods sold is the LIFO Method.
LIFO Method or the Last In, First Out Method use to place an accounting value on inventory. It operates under the presumption that the last item of the purchased inventory is the first one sold.

You might be interested in

Compare the two terms increasing marginal returns and diminishing marginal returns describe

Darya [45]

Increasing marginal returns is the increase of output when there is an addition of variable input aside from the fixed input over a short period. Diminishing returns is the decrease of output when there is an incremental increase of one production factor while other factors remained constant.

4 0

3 years ago

Darlene owns stock in several different companies. When she received a dividend check from her Avatar stock, she endorsed the ch

statuscvo [17]

Answer:

The answer is False

Explanation:

Darlene will be the one assessed tax on dividends, tax if charged in daughter's account will result in double taxing

7 0

3 years ago

Economics is about allocating resources for doing which of the following processes involving goods and services

abruzzese [7]

<span>Economics is about allocating resources for doing which of the following processes involving goods and services? Production and Distribution. When </span>referringto economics, distribution is defined as how output, income and/or wealth is distributed among individuals or facts related to production. Both of these relate to one another and and involve goods and services to produce income.

3 0

3 years ago

During the month of June, Ace Incorporated purchased goods from two suppliers. The sequence of events was as follows: June 3 Pur

lilavasa [31]

Answer:

June 3 Purchased goods for $7,900 from Diamond Inc. with terms 2/10, n/30.

Merchandise $7,900 Debit

Accounts Payable $7,900 Credit

5 Returned goods costing $3,000 to Diamond Inc. for credit on account.

Accounts Payable $3,000 Debit

Merchandise $3,000 Credit

6 Purchased goods from Club Corp. for $1,950 with terms 2/10, n/30.

Merchandise $1,950 Debit

Accounts Payable $1,950 Credit

11 Paid the balance owed to Diamond Inc.

Accounts Payable $4,900 Debit

Merchandise $98 Credit

Cash $4,802 Credit

22 Paid Club Corp. in full.

Accounts Payable $1.950 Debit

Cash $1.950 Credit

Explanation:

First recorded the journal entry of the purchased merchandise.

June 3 Purchased goods for $7,900 from Diamond Inc. with terms 2/10, n/30.

Merchandise $7,900 Debit

Accounts Payable $7,900 Credit

When merchandise is returned, we make the opposite entry

5 Returned goods costing $3,000 to Diamond Inc. for credit on account.

Accounts Payable $3,000 Debit

Merchandise $3,000 Credit

It's recorded again the journal entry of the purchased merchandise.

6 Purchased goods from Club Corp. for $1,950 with terms 2/10, n/30.

Merchandise $1,950 Debit

Accounts Payable $1,950 Credit

When the balance is paid it's necessary to register de discount availabe becuase the payment was within 10 days, 2/10.

11 Paid the balance owed to Diamond Inc.

Accounts Payable $4,900 Debit

Merchandise $98 Credit

Cash $4,802 Credit

In the case of Club Corp the paid is in full because it's out of the discount period.

22 Paid Club Corp. in full.

Accounts Payable $1.950 Debit

Cash $1.950 Credit

7 0

3 years ago

An institution is a significant practice, relationship, or organization in a society. Institutions shape the environment in whic

Artemon [7]

Answer:

a. Private Property Rights

b. Political Stability and Rule of Law

c. Open and Competitive Market

d. Private Property Rights

Explanation:

a. By defining private property Rights and giving people a chance to own resources, Individuals will strive to own more and more of such rights and so will produce as much as they can so as to afford such rights.

b. When a nation is Politically stable and respects the Rule of Law, investment payoffs are easier to predict than in a country where instability can threaten to degrade investments such that the payoffs will be lost. For example, think of all the Western firms that lost money when the Shah of Iran was overthrown by the Ayatollah.

c. Specialization is more likely to occur in nations with Open and Competitive Market. An Open Market means that goods can come in from the outside easily. This will have the effect of the country being able to import goods that cost a lot to produce locally and instead focus on producing those goods that they are well adept at producing. This is Specialization. Also as a result of competition, companies will strive to find better ways to make profit above competitors and come up with more efficient ways of Production as a result.

d. The Xiaogang Agreement refers to an agreement by farmers in Xiaogang to subdivide their lands in secret so that they would each own a small part of it. As a result, the farmers had an incentive to produce for themselves as they now owned resources that they could benefit from. This right to Private Property led to a huge boom in Agriculture.

5 0

4 years ago