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4 years ago

Which of the following statements is correct? Multiple Choice

Business

1 answer:

nikitadnepr [17]4 years ago

4 0

Answer: D -LIFO results in a higher net income than FIFO when costs are falling.

Explanation:

The LIFO and FIFO are methods of accounting for inventory.

LIFO means last in, first out. It means the last inventory purchased is the first inventory sold.

FIFO means first in,first out. It means older inventories are sold off first.

During period of rising prices, LIFO results in lower net income because the Cost of Goods Sold is higher. Inventories cost more during periods of rising prices.

When prices are falling , the LIFO method results in a lower cost of goods sold and therefore a higher net income.

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Exercise 2-10 Applying Overhead Cost to a Job [LO2-2] Sigma Corporation applies overhead cost to jobs on the basis of direct lab

OlgaM077 [116]

Answer:

See explanations below.

Explanation:

1. Yes. Overhead should be applied to job W at year-end. Overhead is applied to every jobs whether or not they are completed at year end.

b. To calculate the amount of overhead to be applied to job W, we need to calculate first the overhead application rate based on direct labor cost through job V.

Direct labor cost. $8,000

Overhead applied $6,000

Overhead rate = [ Overhead applied / Direct labor cost ] × 100

= [6,000/8,000] × 100

= 75%

Overhead to be applied to job W

Direct labor cost $4,000

Overhead rate 75%

Overhead to be applied = $3,000

It therefore means that $3,000 should be applied to job W.

2. Because job W was not completed at the year end, it would then be included in the work in process inventory in the financial statements of Sigma Corporation at year end.

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3 years ago

The __________ phase of the strategic marketing process usually results in a __________ that sets the direction for the marketin

Paraphin [41]

Answer:

C. planning; marketing plan

Explanation:

A marketing process is the establishment of goals for a marketing campaign. During the planning phase, you'll need to set your target customers and how to approach them, this will lead to specific and measurable goals to direct your next actions.

I hope you find this information useful and interesting! Good luck!

7 0

3 years ago

Market pressures tend to move prices toward a(n) _____. price that causes shortages price that causes surpluses equilibrium pric

torisob [31]

Equilibrium would be the answer

8 0

3 years ago

Read 2 more answers

A highly ethical organization must have all the following elements except Multiple Choice corporate credos. role models. payment

givi [52]

Answer:

The correct answer is letter "C": payment plans.

Explanation:

Highly ethical organizations are those with a well-established Code of Ethics that comprises its corporate credos and values. Within a company, the idea of having "heroes" also helps to spread good practices since they are taken as role models so other employees tend to follow their example. Managers must be aware of the ethical behavior of employees to correct or eliminate any existing threat.

Thus, having different payment plans are not considered in the setting of a corporation's Code of Ethics.

7 0

3 years ago

The United States enjoys a free market economy in which _____.

Mnenie [13.5K]

Free market means you can choose what path you want to take such as a career or future. therefore the consumers control the market. that is why share prices go up and down because of s and d. the suplly and demand comes from the consumer wanting to purchase and sell. Therefore a free market economy is an economy controlled by consumers

4 0

3 years ago