A . Last moth’s and last year’s expenses are not a good start point.
An analyst collects data on the weekly closing price of gold throughout a year. the scale of this data is ratio scale.
<h3>What is a ratio scale?</h3>
This is the type of quantitative scale that would have the true zero as well as intervals that would be the same between the intervals. This is unlike the interval scale where there is a 0 on the ratio scale it tells us that the variable that is measure is absent.
Hence we can say that if An analyst collects data on the weekly closing price of gold throughout a year. the scale of this data is ratio scale.
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Answer:
In the Debit Column of your Expense Account
Explanation:
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The correct option is C. The valuation of the cost of goods sold which is recorded in its book as $5,900 and stock available for sale is $3,900 under the FIFO method.
<h3>
Why is the FIFO method used for Inventory Valuation?</h3>
FIFO will enable you to claim a higher average cost-per-piece on newer inventory, which can help you save money on taxes if your inventory costs are declining over time. Because it assumes that older products are no longer in use, FIFO does not necessitate as much documentation as LIFO.
Calculation Cost of Goods Sold (COGS) under FIFO Method:
COGS = 800 x 2 + 700 x 3 + 300 x 3 + 1300 x 1 =
COGS = $5,900
The calculation for Stock available for Sale:
Stock available for Sale = 700 x 1 + 800 x 4
Stock available for Sale = $3,900
Thus, the Cost of Goods Sold is $5,900, and the stock available for sale is $3,900 under the FIFO method.
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