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exis [7]
3 years ago
13

Which of the four inventory approaches transfers the most recent purchase cost to the cost of goods sold and the remaining items

in inventory are valued at the oldest acquisition costs?
Business
1 answer:
Alina [70]3 years ago
4 0

Answer:

Last In First Out (LIFO)

Explanation:

The cost flow assumption of the last-in, first-out (LIFO) allocates the cost of goods available for sale between the end of inventory and the cost of goods sold on the assumption that the most recent purchases (the last in) are the first ones sold (the first out).

Therefore, LIFO methods give the most recent cost of purchase.

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Kaylis [27]
<span>This is an example of crowdsourcing. Crowdsourcing is the act of obtaining information or gathering input on something from a large group of people. When gathering ideas for doodles that could be placed on the cups in the coffee shop, the owner was engaging in crowdsourcing because they were collection different options from the group of customers in their coffeeshop.</span>
8 0
3 years ago
Krisp Systems decides to move production to a developing country where they are free to pump pollutants into the atmosphere with
Delvig [45]

Answer:

Environmental hazards and underdevelopment

Explanation:

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4 0
3 years ago
Balances for each of the following accounts appear in an adjusted trial balance. Identify each as an asset, liability, revenue,
inna [77]

Answer:

Explanation:

1. Accounts Receivable - Asset (Come under Current Asset)

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3. Fees Earned - Revenue (Come under income statement)

4. Insurance Expense - Expense (Come under income statement)

5. Prepaid Advertising - Assets (Come under Current Asset)

6. Prepaid Rent - Asset (Come under Current Asset)

7. Rent Revenue - Revenue (Come under income statement)

8. Salary Expense - Expense (Come under income statement)

9. Salary Payable - Liability (Come under current liabilities)

10. Supplies - Asset  (Come under Current Asset)

11. Supplies Expense - Expense  (Come under income statement)

12. Unearned Rent - Liability (Come under current liabilities)

6 0
3 years ago
If a firm sells on terms of 2/10, net 30 days, and its DSO is 28 days, then the fact that the 28-day DSO is less than the 30-day
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Answer:

False

Explanation:

If a firm sells on terms of 2/10, net 30 days, and its DSO is 28 days, then the fact that the 28-day DSO is less than the 30-day credit period tell us that the credit department is functioning efficiently and there are no past due accounts. This is a false statement.

7 0
3 years ago
If a team of three workers, each making the U.S. Federal minimum wage, produced these 12 rugs, what would the total labor cost b
sergiy2304 [10]

You need to know how many hours it took these workers to make the rugs to determine the labor cost.

4 0
3 years ago
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