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Olenka [21]
3 years ago
5

Mast Co. converted from the FIFO method for inventory valuation to the LIFO method for financial statement and tax purposes. Dur

ing a period of inflation, would Mast’s ending inventory and income tax payable using LIFO be higher or lower than FIFO?
Business
1 answer:
xxTIMURxx [149]3 years ago
8 0

Answer:

During a period of inflation, Mast’s ending inventory and income tax payable will be higher using LIFO than FIFO.

Explanation:

In a period of inflation the closing inventory will be higher because of increase in price. In LIFO the oldest unit is sold first and the last purchased remains in the inventory.  So Closing inventory is higher which decrease the Cost of goods sold and Increase in profit and ultimately Increase in Taxes as well. In FIFO the Newest unit is sold first and the oldest unit purchased remains in the inventory.  So closing inventory is lower which increase the Cost of goods sold and decrease in profit and ultimately decrease in Taxes as well.

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In order to receive payment from the recovery fund in Illinois, the suit against the alleged violator must be filed within how m
Norma-Jean [14]

Answer:

2 years

Explanation:

According to the PROFESSIONS, OCCUPATIONS, AND BUSINESS OPERATIONS 225 ILCS 454/20-90, it is stated that "No action for a judgment that subsequently results in a post-judgment order for collection from the Real Estate Recovery Fund shall be started later than 2 years after the date on which the aggrieved person knew, or through the use of reasonable diligence should have known, of the acts or omissions giving rise to a right of recovery from the Real Estate Recovery Fund." Therefore in order to receive payment the suit must be filed within 2 years of the violation's occurrence.

8 0
3 years ago
The following selected transactions were completed by Interlocking Devices Co., a supplier of zippers for clothing: 20Y7 Dec. 7.
Gnesinka [82]

Answer:

The diagram is well defined showing all the parameters required.

Best Regards.

3 0
3 years ago
The December 31, 2018, balance sheet of Whelan, Inc., showed $136,000 in the common stock account and $2,610,000 in the addition
Alborosie

Answer:

$169,000 negative

Explanation:

Equity = Common stock + Additional paid in surplus

Total equity at beginning= Common stock + Additional paid in surplus

=136,000+2,610,000=$2,746,000

Total equity at end= Common stock + Additional paid in surplus

=146,000+2,910,00)=$3,056,000

Hence new equity = Total equity at End - Total equity at beginning

3,056,000-2,746,000=$310,000

Cash flow to stockholders = Dividends paid - New equity

= 141,000-310,000

= -169,000

=$169,000 negative

3 0
3 years ago
Appalachian Ski Shop signs a three-month note payable to help finance increases in inventory for the winter ski season. The note
kolezko [41]

Answer:

Interest Expense 696 Interest Payable 696

Explanation:

Based on the information given the appropiate adjusting journal entry to be made on December 31, 2022 for the interest expense accrued to that date, If we assumed that no journal entries have been made previously to accrue interest is:

December 31, 2022

Dr Interest Expense $696

Cr Interest Payable $696

($34800*8%*3/12)

(To record interest expense accrued)

3 0
3 years ago
Marketing logistics involves getting the right product to the right customer in the right place at the right time. Which one of
Zinaida [17]

Answer:

D.gathering customer's ideas for new products

Explanation:

Marketing logistics involves getting the right product to the right customer in the right place at the right time. This includes the following:

A.planning the physical flow of goods and services

B.implementing the plan for the flow of goods and services

C.controlling the physical flow of goods, services, and information

E.planning the flow of logistics information to meet customer requirements at a profit

BUT

Marketing logistics does not include the gathering customer's ideas for new products as that borders on gathering customer feedback for new product development.

This is the case because by definition, Marketing logistics has to do with the planning, implementing, and controlling the flow of physical goods and information <u>from the producer to the market;</u> with the aim of profitably meeting customer's demands.

So it is clear that the flow of information back to producers from customers is not covered in marketing logistics.

4 0
3 years ago
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