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3 years ago

_____ is a financial management function and a part of financial planning.

2 answers:

7 0

Understanding <span>and allocating operational needs is a financial management function and a part of financial planning. Hope this helped!</span>

Mama L [17]3 years ago

6 0

The answer is: Understanding and allocating operational needs

Financial management function refers to the functions that involves in finding out the most efficient way to allocates the funds that are owned by the company.

One part of financial management function is Understanding and allocating operational needs. During this process, managers would analyze the threats and opportunities that might be faced during the operation, After that, they need to determine how to use the funds to handle all the threats and fully maximize the opportunities that the company has.

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in three to four sentences, explain why you are willing to supply the most bicycles at the highest price.

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4 years ago

Which statement best describes one way businesses participate in the

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C. Businesses create goods for product markets to sell.

Explanation:

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3 years ago

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Those who study management will understand how to ___.

Sladkaya [172]

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4 years ago

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Assuming purchase costs are rising, determine which statements below are correct regardingthe cost of goods sold under FIFO, LIF

Contact [7]

Answer:

1. Companies using FIFO will report the highest gross profit and net income.

2. Companies using FIFO will report the smallest cost of goods sold.

3. Weighted average cost of goods sold will be between FIFO and LIFO costs of goods sold.

4. Companies using FIFO will pay higher taxes than companies using LIFO, assuming all else being equal.

Explanation:

If costs are rising, companies using FIFO will report higher profits simply because they calculate cost of goods sold based on the oldest products which were purchased at a lower cost.

FIFO and LIFO costs will be the extreme points, FIFO showing lowest costs while LIFO will result in the highest costs, while the weighted average will be in between.

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4 years ago

Assume the perpetual inventory system is used unless stated otherwise. Accounting for inventory using the perpetual inventory sy

ira [324]

Answer:

1-3 Attached inventory record schedule based on FIFO, LIFO and WEIGHTED AVERAGE method

4. COST OF GOODS SOLD

FIFO $6,070

LIFO $6,165

WA $6,080

5. GROSS PROFIT

FIFO $5,235

LIFO $5,140

WA $5,225

6. FIFO method maximizes gross profit

Explanation:

Schedule for Inventory record is attached based on FIFO, LIFO and Weighted Average method.

FIFO - (First in, First out) this inventory method sells older inventory before the company sells the newly acquired.

LIFO - (Last in, First out) this inventory method sells the latest acquired inventory rather than the older one.

Weighted Average- This inventory method uses inventory cost by dividing total amount of inventory over total units sold.

4. COST OF GOODS SOLD

FIFO

August 3 45 x $35 = $1,575

August 21 5 x $35 = $175

80 x $54 = 4,320

TOTAL $6,070

LIFO

August 3 45 x $35 = $1,575

August 21 85 x $54 = $4,590

TOTAL $6,165

Weighted Average

August 3 45 x $35 = $1,575

August 21 85 x $53 = 4,505

TOTAL $6,080

5. Gross Profit

Total sales is $11,305 (45 x $85 = $3,825 + 85 x $88 = 7,480)

FIFO

Total sales - Cost Of Goods Sold = Gross profit

$11,305 - $6,070 = $5,235

LIFO

Total sales - Cost Of Goods Sold = Gross profit

$11,305 - $6,165 = $5,140

Weighted Average

Total sales - Cost Of Goods Sold = Gross profit

$11,305 - $6,080 = $5,225

6. FIFO maximizes gross profit profit among the 3 methods. It yields the highest profit for the month of August in the amount of $5,235

5 0

4 years ago