FIFO reports higher gross profit and net income than the LIFO method when (a)prices are increasing
Explanation:
<u>FIFO (First in, First Out) reports higher gross profit and net income than the LIFO (Last In, First Out) method when prices are increasing. </u>
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The FIFO method refers to an inventory system wherein the first items purchased are thought to be sold first(i.e. First In First Out) while the most recent purchases make up the ending inventory.
On the other hand, the LIFO method is just the opposite. The recent purchase are sold first and the first item purchased makes up the ending inventory(last item that is in is sold first)
umm laptops are around $150 to $250 for a cheep one so id say $1250,000 for 10000 laptops
It means that the technology company will use the audit results to analyze risks. Thus option A is correct.
<h3>What is Audit ?</h3>
Audit refers to the checking of financial records of the company in order to ensure that the records are systematic and accurate. It is very helpful for the outsiders such as creditors, shareholders, government agencies etc as it provides the accurate information about transactions.
Mr. Chu will analyse the financial statements of the technology company an conclude about the risk involved in the company. Thus it helps in analyzing the risk. Therefore, option A is correct.
Learn more about auditing here:
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Answer:
The correct option is D,$20,000 unfavorable
Explanation:
In the first place, it is noteworthy that fixed overhead flexible budget variance is the between the budgeted overhead cost and the actual fixed overhead incurred.
When actual fixed cost overhead is lower than budgeted,the resultant effect is a favorable variance,where the reverse is the case when the budgeted fixed overhead cost is higher as is the case here.
budgeted fixed overhead costs $200,000
Actual fixed overhead costs ($220,000)
fixed overhead flexible budget variance ($20,000) unfavorable
Answer:
"C"
Explanation:
A high performance culture is a set of laid down rules (culture ) that an organization observe to achieve outstanding results (performance ) with the primary aim of getting an edge over competitors. It guides the daily activities of employees.
The four major attributes of a high performance culture are Strong leaders , employees involvement , continuous learning environment and flexibility .
The corporate values of the organization is paramount and every action must be directed towards its achievement.
