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Natalija [7]
3 years ago
9

warnerwoods compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific ident

ification. For specific identification, the March 9 sale consisted of 115 units from beginning inventory and 245 units from the March 5 purchase; the March 29 sale consisted of 95 units from the March 18 purchase and 135 units from the March 25 purchase.
Business
1 answer:
Nina [5.8K]3 years ago
3 0

Answer:

Explanation:

FiFo:

fifo means first come first out, goods purchased first are sold first.

Date       Units  

opening   115

5-Mar        245

18-Mar         95

25-Mar         135

assume company sold 150 units under the fif method we dispose as follows

1st we will sell 115 opening units reaming 45 units from 245 merch 5th purchase. remaining units cost will be closing stock cost.

Lifo  :

under the lifo method the goods purchased earliest will be sold first continuing with above example disposal of units will be as follows:

first of all we sell earliest purchased goods those are 25th march goods 135 units remaining 15 units will be sold from 18th purchases 95 units.

the closing cost of goods will be the =opening +5th march purchases and 18th march 80 units.

weighted average:

under the weighted average units are mixed and their cost is calculated on the basis of total cost divided by total units. goods sold can be from any of previous purchases.

continuing with the above example disposal of 150 units will be the mixture of total purchases and it can be from specific purchases.

the closing cost of goods will be the = remaining units and their cost

specific identification:

under the specific method no rules are followed goods are sold on the will of entity they can be from any date as specified in the question and closing cost of the goods will be the remaining purchases and their relevant cost of units.

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Listed here are 20 control plans discussed in the chapter. On the blank line to the left of each control plan, insert a P (preve
sammy [17]

Answer:

Code           Control Plan

____D_____1. Library controls

____P_____2. Program change controls

____D_____3. Fire and water alarms

____C_____4. Fire and water insurance

____C_____5. Install batteries to provide backup for temporary loss in power

____C_____6. Backup and recovery procedures

____P_____7. Service level agreements

____C_____8. IT steering committee

____P_____9. Security officer

____P_____10. Operations run manuals

____D_____11. Rotation of duties and forced vacations

____C_____12. Fidelity bonding

____P_____13. Personnel management (supervision)

____C_____14. Personnel termination procedures

____P_____15. Segregation of duties

____D_____16. Strategic IT plan

____C_____17. Disaster recovery planning

____P_____18. Restrict entry to the computer facility through the use of employee badges, guest sign- in, and locks on computer room doors

____P_____19. Access control software

____D_____20. Personnel development controls

Explanation:

P (preventive) controls protect against errors occurring.

D (detective) controls discover errors that have already occurred.

C (corrective) controls correct errors that have already occurred.

5 0
3 years ago
An activity-based costing system that is designed for internal decision-making will not conform to generally accepted accounting
Tresset [83]

Answer:

under activity-based costing the sum of all product costs does not equal the total costs of the company.

Explanation:

The method of an activity-based costing system can be used use to find the total cost of all the activities that are required to make a product. This system also helps to find out which overhead costs can be avoided.

An activity-based costing system that is designed for internal decision-making will not conform to generally accepted accounting principles because under activity-based costing the sum of all product costs does not equal the total costs of the company.

8 0
3 years ago
During September, the capital expenditure budget indicates a $280,000 purchase ofequipment. The ending September cash balance fr
Mariulka [41]

Answer:

$260000

Explanation:

$280k  purchase equiment >> Outflow of cash

$40,000>> Operative Cash >> Inflow Cash

$260k >> cash loan in order to achieve balance

------------------------------

$20000 >> Cash balance

5 0
3 years ago
Consider a profit-maximizing firm in a competitive industry. Under which of the following situations would the firm choose to pr
Mandarinka [93]

Answer:

Option (a) and (b) are considered or correct.

Explanation:

Under the following two conditions, a firm in a perfectly competitive market produces at a point where the marginal revenue is equal to the marginal cost:

(i) Minimum AVC < Price < minimum ATC : Yes

In this case, a firm may suffer a loss but it will be able to cover its minimum average variable cost. Hence, this firm continue operating in this market and if he shut down its operation then he may suffer a larger loss. Therefore, it chooses to continue operating under this market conditions.

(ii) Price > minimum ATC : Yes

In this case, the price received by the seller is greater than the minimum average total cost. Therefore, the firm is able to cover all of its cost of production and earning an economic profit. Hence, it obviously chooses to continue its operation.

The third option is not considered here because in this case, the firm won't be able to cover its variable cost.

3 0
3 years ago
Which one of the following basic patterns of demand is difficult to predict because it is affected by national or international
alexdok [17]

Answer: D) cyclical

Explanation:

Cyclical Demand is difficult to predict because it goes according to the business cycle and hence is affected on a Macro Economic scale by events at a National or International level.

This means that something could be in demand today but the demand could fall or rise sharply based on the stage of the business cycle the economy is in.

8 0
3 years ago
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