Answer:
1. Companies using FIFO will report the highest gross profit and net income.
2. Companies using FIFO will report the smallest cost of goods sold.
3. Weighted average cost of goods sold will be between FIFO and LIFO costs of goods sold.
4. Companies using FIFO will pay higher taxes than companies using LIFO, assuming all else being equal.
Explanation:
If costs are rising, companies using FIFO will report higher profits simply because they calculate cost of goods sold based on the oldest products which were purchased at a lower cost.
FIFO and LIFO costs will be the extreme points, FIFO showing lowest costs while LIFO will result in the highest costs, while the weighted average will be in between.
Since companies using FIFO report higher profits, they will have to pay more taxes.
There are 2 army bases in Tennessee and Kentucky fort Knox and fort Campbell home of the screaming eagles
This question is incomplete.
The complete question, answer & explanation for this question is given in the attachment below.
Answer:
Predetermined manufacturing overhead rate= $42 per direct labor hour
Explanation:
Giving the following information:
Estimated manufacturing overhead= $924,000
Estimated direct labor hours= 22,000
To calculate the predetermined manufacturing overhead rate we need to use the following formula:
Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base
Predetermined manufacturing overhead rate= 924,000/22,000
Predetermined manufacturing overhead rate= $42 per direct labor hour
Answer:
The answer is: $200
Explanation:
Jacob's total expenses (current and expected) are:
- rent and utilities $700
- food $350
- student loan $350
- personal expenses $200
- expected auto insurance and repairs $200
Total expenses = $1,800
If Jacob's take away salary is $2,000, he will only have $200 (= $2,000 - $1,800) for a car loan or lease monthly payment.