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3 years ago

FIFO and LIFO are two common methods used to compute the depreciation of tangible assets. True or false?

Business

1 answer:

IgorLugansk [536]3 years ago

7 0

Answer:

The statement is false

Explanation:

The statement is false as the both the methods that is LIFO and FIFO are the methods of inventory valuation, not for computing the depreciation.

As LIFO (Last in first out), this method involves the inventory which is purchased last is expensed first whereas FIFO (First in first out), this method of inventory valuation, involves the inventory in which the inventory which is purchased first is expensed first.

For computing the depreciation for the tangible assets involves straight line, diminishing or double declining methods.

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This software application can be used to organize, analyze, and illustrate data.

PSYCHO15rus [73]

Answer:

its Excel :)

Explanation:

I learned abt it

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3 years ago

Administrative activities, such as archiving project files, closing out contracts, documenting lessons learned, and receiving fo

antiseptic1488 [7]

Answer:

Administrative activities, such as archiving project files, closing out contracts, documenting lessons learned, and receiving formal acceptance of the delivered work as part of the phase or project, are often involved in closing.

Explanation:

A project is any exercise by an individual or group that has been carefully designed to achieve a certain future goal. A project needs to take into a account various strategies for it to actually achieve what was originally set out in the goals. A project that achieves its goals can be described as a successful project. Most undertakers of a project always wish for their project to be successful, since a project always involves investment in terms of finance, human resources and time. The amount of investment in a project depends on the scope and level of complexity of the project. Vast complex projects usually require for them to be broken down into different phases to make them simple in understanding and execution.

For projects to be successful, one needs to find a way in which the resources going into the project are dealt with in such a way that the direction of the project is in line with the project goals. This is what is defined as project management and it has different phases. The phases of project management are;

1. Initiating: this deals with the planning phases of the project where the goals are set and the project needs are determined. This phase deals with determining the procedure for project execution.

2. Executing; once all the project needs have been determined and purchased, they are put to work.

3. Monitoring and controlling: in this stage, the workings of the project are checked if they have attained the standards stated.

4. Closing: in this stage, administrative activities, such as archiving project files, closing out contracts, documenting lessons learned, and receiving formal acceptance of the delivered work as part of the phase or project is done.

4 0

3 years ago

Your friend, Suzie Whitson, has designed a new type of outdoor toy that helps children learn basic concepts such as colors, numb

tankabanditka [31]

Answer:

The instructions are listed below

Explanation:

- Direct materials are those materials and supplies that are consumed during the manufacture of a product, and which are directly identified with that product.

- Direct labor is production or services labor that is assigned to a specific product, cost center, or work order.

- Manufacturing overhead refers to indirect factory-related costs that are incurred when a product is manufactured.

- Period costs are not directly tied to the production process. Overhead or sales, general, and administrative (SG&A) costs are considered period costs. SG&A includes costs of the corporate office, selling, marketing, and the overall administration of company business.

- Product costs are the direct costs involved in producing a product. A manufacturer, for example, would have production costs that include: Direct labor, Raw materials, Manufacturing supplies, Overhead that's directly tied to the production facility such as electricity.

Giving the following information:

Factory rent $ 3,110: Product - MOH

Company advertising 1,070: Period

Wages paid to assembly workers 31,700: Product - DL

Depreciation for salespersons’ vehicles 2,150: Period

Screws 560: Product - DM

Utilities for factory 820: Product - MOH

Assembly supervisor’s salary 3,600: Product - MOH

Sandpaper 195: Product - MOH

President’s salary 5,180: Period

Plastic tubing 4,130: Product - MOH

Paint 210: Product - DM

Sales commissions 1,310: Period

Factory insurance 1,120: Product - MOH

Depreciation on cutting machines 2,120: Product - MOH

Wages paid to painters 7,500: Product - DL

3 0

3 years ago

The following data are taken from the unadjusted trial balance of the Westcott Company at December 31, 2017. Complete the worksh

Alex17521 [72]

Answer:

The total of adjusted trial balance debit and credit side is $159 after posting the given transactions. The sheet is attached with the full working showing both of the trial balances - un-adjusted and adjusted one.

Explanation:

Following journal entries were posted in the trial balance to adjust it.

Transaction a:

Debit: depreciation expense $3

Credit: accumulated depreciation $3

Transaction b:

Debit: salaries expense $6

Credit: accrued salaries $6

Transaction c:

Debit: Unearned revenue $12

Credit: Revenue $12

When unearned revenue is earned, it is removed from unearned revenue by debiting it and then it is credited to the revenue for the period.

Transaction d:

Debit: supplies expense $9

Credit: supplies $9

Transaction e:

Debit: insurance expense $15

Credit: Insurance prepaid $15

When the insurance is expired, it is deducted from the prepaid insurance by crediting it from prepaid insurance account and it is debited to insurance expense account.

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3 0

3 years ago

A company produces a single product. Variable production costs are $12.90 per unit and variable selling and administrative expen

Scrat [10]

Answer:

$10,965

Explanation:

Computation for the dollar value of the ending inventory under variable costing

First step is to find the Units in ending inventory

Using this formula

Units in ending inventory = Units in beginning inventory + Units produced−Units sold

Let plug in the formula

Units in ending inventory= 0 units + 4,900 units−4,050 units

Units in ending inventory = 850 units

Last step is to find the Value of ending inventory under variable costing

Using this formula

Value of ending inventory under variable costing = Unit in ending inventory × Variable production cost

Let plug in the formula

Value of ending inventory under variable costing= 850 units × $12.90 per unit

Value of ending inventory under variable costing = $10,965

Therefore the dollar value of the ending inventory under variable costing would be $10,965

6 0

3 years ago