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Vesnalui [34]
4 years ago
9

The LIFO cost flow assumption results in the most (distant/recent) costs being transferred to cost of goods sold. In times of ri

sing prices, the costs transferred to cost of goods sold under LIFO will therefore be (higher/lower) than the costs transferred to cost of goods sold under FIFO.
Business
1 answer:
asambeis [7]4 years ago
5 0

Answer:

  • RECENT
  • HIGHER

Explanation:

Last-in, first-out (LIFO) means that the most recent costs are going to be used to determine the cost of goods sold. The LIFO method is very useful when the prices of your inputs or merchandise are continuously rising, for example if inflation rate increased. LIFO method is better for determining replacement costs when prices are increasing.

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What is the main difference between the account form and the report form of the balance sheet?
Effectus [21]
The account form has two columns, set side by side. The left column lists the company's assets. The final line on the left side of the sheet provides the total value of all assets. The column on the right lists both liabilities and equity, with liabilities coming first.
4 0
3 years ago
A deposit of $800 is planned for the end of each year into an account paying 8 percent/year compounded annually. The deposits we
SSSSS [86.1K]

Answer:

The amount in 23 years will be A = $4697.17

Explanation:

Using the Formula

A = P(1 + r/n){nt}

Where:

A deposit of (Principle) $800

Interest Rate =8% or 0.08

Compounded annually  (t) = 1

Number of years  (n) = 25-2 = 23 years

Applying the figures into the formula:

A = 800(1 + 0.08/1){1 *23}

A = 800(1 x 0.08){23}

A = 800(1.08){23}

A = 800(5.8715)

A = $4697.17

8 0
3 years ago
Meat​ Packers, Incorporated​ (MPI) preserves and packages various kinds of meats for transportation to grocery stores. To prepar
Free_Kalibri [48]

Answer:

Variable cost=$750,000

Fixed costs=  $13,000

Explanation:

Giving the following information:

The firm must purchase ​$60 in raw meat and pay ​$50 in wages for labor and ​$40 in fuel costs. Also, the firm rents a factory for ​$10,000 per month and makes ​3,000 in monthly payments on meat packaging equipment. Suppose the firm prepares and transports 5,000 packages of meat per month.

Variable cost= raw meat + wages + fuel= (60 + 50 + 40)*5,000= $750,000

Fixed costs= rent + packaging equipment= 13,000

7 0
4 years ago
A Food Marketing Institute found that 52% of households spend more than $125 a week on groceries. Assume the population proporti
kkurt [141]

Answer:

P(p>0.38) = P(z>-2.79)

And using the complement rule we got:

P(p>0.38) = P(z>-2.79)=1-P(Z

Explanation:

Previous concepts

Normal distribution, is a "probability distribution that is symmetric about the mean, showing that data near the mean are more frequent in occurrence than data far from the mean".  

Solution to the problem

For this case wwe know that p = 0.52 and n = 99 and we can check if we can use the normal approximation for the proportion distribution.

np= 99*0.52= 51.48>10

n(1-p) =99*(1-0.52) = 47.52>10

So then we can use the normal approximation.

The population proportion have the following distribution

p \sim N(p,\sqrt{\frac{p(1-p)}{n}})

The mean is given by:

\mu_{p} = 0.52

And the standard error is given by:

\sigma_{p} = \sqrt{\frac{0.52*(1-0.52)}{99}}= 0.0502

We want to calculate this probability:

P(p >0.38)

And for this case we can calculate the z score given by:

z = \frac{p \mu_p}{\sigma_p}

And replacing we got:

z=\frac{0.38-0.52}{0.0502} = -2.79

And using this formula:

P(p>0.38) = P(z>-2.79)

And using the complement rule we got:

P(p>0.38) = P(z>-2.79)=1-P(Z

4 0
4 years ago
Assume that the money demand function is (M / P)d = 2,200 – 200r, where r is the interest rate in percent. If the price level is
Wittaler [7]

Answer:

The money supply should be set at 800

Explanation:

In this question, we are asked to calculate the value at which Fed should set the money supply at after fixing the interest rate at 7 percent.

We proceed as follows;

Let the new money supply be M.

To fix the interest rate at 7%, r= 7 and P = 2

(M/P)d = 2,200 - 200r

= 2200 - 200(7)

=2200-1400

= 800

M = 800

8 0
3 years ago
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