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Rzqust [24]
3 years ago
7

Bramble Corp. uses the FIFO method for internal reporting purposes and LIFO for external reporting purposes. The balance in the

LIFO Reserve account at the end of 2017 was $318000. The balance in the same account at the end of 2018 is $486000. Bramble’s Cost of Goods Sold account has a balance of $2300000 from sales transactions recorded during the year. What amount should Bramble report as Cost of Goods Sold in the 2018 income statement?
Business
1 answer:
AlladinOne [14]3 years ago
5 0

Answer:

$2,468,000

Explanation:

LIFO reserve = “Allowance to Reduce Inventory to LIFO” = the difference between the inventory method used for internal reporting purposes and LIFO.

LIFO effect = the change in the Allowance balance from one period to the next = the adjustment that companies must make to the accounting records.

Dr Cost of Goods Sold $168,000

($486,000- $318,000)

Cr Allowance to Reduce Inventory to LIFO $168,000

$2,300,000 +$168,000 =$2,468,000

Therefore the amount that Bramble should report as Cost of Goods Sold in the 2018 income statement is $2,468,000

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You are the project manager assigned to a project to upgrade an old bus shelter. The shelter is located along South Street trave
Zarrin [17]

Answer:

Risks of the project include

disruption in the highway during renovation process. - High risk

Poor material used in the construction - High risk

Rainfall may delay the work process. - Medium risk

Traffic flow management will be difficult during peak hours. - Medium risk

Dust and noise during the construction will disturb the society. - Low risk

Explanation:

The risk register includes Risk description, its impact in terms of probability and measures to mitigate such risk. There are many potential risks that are associated with the construction of the bus shelter. The risks are not acceptable as the highway disruption should be kept to minimum and any delay in the work is not tolerable. These risks are reduced by deploying extra labors so that the renovation work is completed on time.

4 0
3 years ago
The sarbanes-oxley act created the _____ to protect the interests of investors and further the public interest in the preparatio
devlian [24]

The correct answer is the Public Company Accounting Oversity Board.

The Sarbanes-Oxley Act was enacted in 2002. It’s purpose was to protect investors and add additional oversight for corporations after a number of companies were caught up in accounting scandals and investors lost billions of dollars.

8 0
3 years ago
When Keisha started her new job, she went through ______ to help her transition and fit smoothly into the job and organization.
Masteriza [31]

Answer: Orientation.

Explanation:

From the question, after employment, Keisha was given orientation by the new company she works for, where her fellow colleagues at work explained somethings she needed to know about her new place of work and what is required of her. Given an individual orientation, involves directing them and teaching them what to do and expect from something they are new to.

5 0
3 years ago
Suppose that Ariana consumes two goods, coffee and textbooks. Both are normal goods. Suppose the price of textbooks decreases, w
marta [7]

Answer:

The correct answer here would be option D) more of textbooks would be consumed and less of coffee would be consumed.

Explanation:

In economics, substitution effect refers to a situation where there is change in demand of one good in response to the change in price of other goods. Same situation is taking place here as now the price of textbooks have decreased , Ariana will now look to consume more of textbooks and less of coffee.

4 0
3 years ago
Read 2 more answers
Variable costs as a percentage of sales for Lemon Inc. are 71%, current sales are $551,000, and fixed costs are $207,000. How mu
MAVERICK [17]

Answer: a.$10,904 increase

Explanation:

Operating income before sales increase:

= Sales - Variable costs - Fixed costs

= 551,000 - (71% * 551,000) - 207,000

= -$47,210

Operating income after sales increase:

Sales increases to:

= 551,000 + 37,600

= $588,600

= 588,600 - (71% * 588,600) - 207,000

= -$36,306

Difference:

= -47,210 - (-36,306)

= Increase of $10,904

7 0
3 years ago
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