The cost of ending inventory and the cost of goods sold under each of the following methods: Under the LIFO method, Sales Less: Cost of Goods sold Gross Profit less: Selling, admin, depreciation Income before.
Final in, first out (LIFO) is a technique used to account for inventory. beneath LIFO, the expenses of the maximum recent products bought (or produced) are the primary ones to be expensed. LIFO is used most effectively inside the USA and governed via the commonly ordinary accounting standards (GAAP).
The LIFO method is used within the COGS (value of products sold) calculation while the fees of manufacturing a product or obtaining inventory have been growing. this will be because of inflation.
The ultimate-In, First-Out (LIFO) method assumes that the last unit to arrive in stock or greater latest is offered first. the first-In, First-Out (FIFO) approach assumes that the oldest unit of inventory is sold first.LIFO effects decrease internet earnings because the price of products offered is better, so there may be a decrease in taxable profits.” decreased tax legal responsibility is a key reason some organizations decide on LIFO.
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Answer:
A) Dusty.
Explanation:
Generally, when you are dealing with property rights and any damages that occur to real property, the individual that possesses the oldest structure can sue other individuals that damage his/her structure by building or developing a new one.
E.g. in many cities, buildings or even homes tend to be built right next to other homes or buildings (specially in down town areas). If you are building a house right next to an existing house and the walls are damaged because because you dug to build a basement, then you are responsible and liable for the damages even if you never invaded the other property.
Please see attached image to see the
given data.
The trial balance
totals of the debits and credits are $2,250 debit, $2,250 credit.
<span>$1000 (cash) +
$500 (Equipment) + $750 (Salaries Expense) = $2,250 Debit
$350 (Accounts Payable) + $900 (Capital) + $1000 (Service Fees) = $2,250 Credit</span>
<span>Which person should decide upon the problem statement the team will be working toward? All group members. All group members should be working towards the problem statement, problems, and anything resulting a team project. The project is in a team format for a reason, so that everyone works together.
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Answer:
The amount of depreciation expense that should be recorded for the second year is $28,600
Explanation:
The computation of the depreciation per units or bolts under the units-of-production method is shown below:
= (Original cost - residual value) ÷ (estimated production bolts)
= ($206,520 - $11,000) ÷ (752,000 bolts)
= ($195,520) ÷ (752,000 bolts)
= $0.26 per bolt
Now for the second year, it would be
= Production units in second year × depreciation per bolts
= 110,000 units × 0.26
= $28,600
