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jasenka [17]
3 years ago
10

Which of the following statements regarding inventory costing methods is correct? Multiple Choice In periods of inflation, LIFO

will result in the lowest reported net income, and therefore a company will pay less in federal income taxes
Business
1 answer:
Lynna [10]3 years ago
3 0

Answer:

In periods of inflation, LIFO will result in the lowest reported net income, and therefore a company will pay less in federal income taxes ⇒ TRUE STATEMENT

Explanation:

Last in, first out (LIFO) uses the  price of the last units purchased in order to determine the cost of goods sold. When inflation is high, prices tend to increase continuously, therefore, the price of the last units purchased will always be higher than the price of the first units purchased. This doesn't mean that exactly the last units purchased will be the ones sold, it is just an accounting method.

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The richest 1% of the world's population owns more wealth than the rest of the 99% combined. True or False
zimovet [89]

The distribution of wealth on Earth is such that the richest 1% are wealthier than the rest of the 99% combined so this is <u>True</u>.

<h3>How is income distributed?</h3>

The top 1% of the human population are so wealthier that they own more than the combined assets of the other 99%.

This was confirmed in 2016 by Oxfam, and the scary part is that this trend is set to continue.

Find out more on income distribution at brainly.com/question/4993794

#SPJ1

5 0
2 years ago
A person who is in the business of selling cars is called a:
True [87]
The person who sell cars would be salesmen
3 0
3 years ago
Read 2 more answers
Watauga Company purchased equipment on July 1, 2017 for $70,000. Sales tax on the purchase was $700. Other costs incurred were f
andriy [413]

Answer:

$72,700

Explanation:

Data provided in the question:

Purchasing cost = $70,000

Sales tax = $700

Freight charges = $800

Shipping charges = $150

Repair charges = $1,300

Installation cost = $1,050

Now,

Cost of the equipment  

= Purchasing cost + Sales tax + Freight charges + Shipping charges + Installation cost

= $70,000 + $700 + $800 + $150 + $1,050

= $72,700

Note: Repair cost is not included in the cost.

5 0
4 years ago
Shelly manages a jewelry store that offers a range of different designs to customers. She recently received new inventory of som
sweet-ann [11.9K]

Answer:

The correct option is D

Explanation:

As Shelly who manages the jewellery store received an inventory, which wants to display in her store. So, in order to make the design visible to every customer who visit her store or passes by her store, will see the design. Therefore, she should place the design at the eye level so that every customer could easily see the design.

4 0
3 years ago
The managers at Fazer Technologies Inc. prepared a report on the profits earned and the losses incurred by the company over the
HACTEHA [7]

Answer:

<u>external report</u>

Explanation:

Note that, the manager prepared a report which he later presented to the stockholders of the company; meaning he gave the report to an outside party.

Remember, external reports are usually given to investors to know the financial condition of the company. Thus, the shareholders would need the report in order evaluate the financial condition of Fazer Technologies Inc.

3 0
3 years ago
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