Answer:
Crane Company
If Crane Company uses LIFO, the value of the ending inventory is:
= $440.
Explanation:
a) Data and Calculations:
Units Unit Cost Total Cost
1/1/20 inventory 150 $4.00 $600
1/15/20 Purchase, 70 5.10 357
1/28/20 Purchase, 70 5.30 371
Total 240 $1,328
1/31/20 inventory 110 $4.00 $440 ($4.00 * 110)
b) The LIFO method assumes that goods that are sold first are the last that were purchased. Therefore, the cost of the ending inventory is usually based on the cost of the earlier inventory purchased. In our case, the cost per unit was based on the beginning inventory balance.
Answer:
increase
Explanation:
the law is indirectly proportional
Answer:
Explanation:
The journal entries are shown below:
1. Cash Dividend A/c Dr $122,838 (62,600 + 16,650) × $1.55
To Dividend payable A/c $122,838
(Being the dividend is declared)
2. Dividend payable A/c $122,838
To Cash A/c $122,838
(Being the dividend is paid)
3. Cash Dividend A/c Dr $142,97 (62,600 + 16,650 + 7,400) × $1.65
To Dividend payable A/c $142,973
(Bring dividend is recorded)
The seven steps to achieving a sound financial reputation include:
1)
Analysis of cash flow –
Positive cash flow would mean having funds available for savings.
2)
Making a plan for retirement
goals and other special goals.
3)
Increase retirement savings
– This can be done by maximizing contributions in your retirement accounts or
catch-up with missed contributions.
4)
Reduce income tax. Consult
a tax professional to help you with your tax strategy.
5)
Keep pace with the current
inflation rate.
6)
Manage potential risks and
liabilities – Being covered with insurance can give you protection in times of
unexpected risks.
7)
Consult a financial advisor
to provide you with informed decisions.
