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Tanya [424]
3 years ago
12

QV-TV, Inc. provided the following items in its notes to the financial statements for the year-end 2014: Cost of goods sold was

$22 billion under FIFO costing and the inventory value under FIFO costing was $2.1 billion. The LIFO Reserve for year-end 2013 was $0.6 billion and at year-end 2014 it had increased to $0.8 billion.
What is the LIFO inventory value at year-end 2014?

a.$1.9 billion.

b.$2.9 billion.

c.$2.3 billion.

d.$1.3 billion.
Business
1 answer:
Nookie1986 [14]3 years ago
5 0

Answer:

The correct answer is option (d) $1.3 billion.

Explanation:

Given Data:

inventory value under FIFO costing = $2.1 billion

LIFO Reserve for year-end 2013 = $0.6 billion

LIFO Reserve for year-end 2014 = $0.8 billion

LIFO inventory is calculated using the formula;

LIFO inventory value at year-end 2014 = FIFO inventory - LIFO reserve

                                                               =$2.1 billion-$0.8 billion

                                                               = $1.3 billion

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ValentinkaMS [17]

Answer:

$0.26

Explanation:

diluted earnings per share (EPS) = (net income - preferred dividends) / (weighted average outstanding shares + diluted shares)

net income = $330,000

preferred dividends = 2,000 x $500 x 8% = $80,000. Since the preferred stocks are convertible, they will be considered diluted shares. Therefore, no preferred dividends will be included in the calculation.

weighted average outstanding shares:

  • January 1 = 700,000 x 12/12 = 700,000
  • March 1 = 200,000 x 10/12 = 166,666.7
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diluted shares = 2,000 preferred stocks x 200 = 400,000

diluted EPS = $330,000 / (866,666.7 + 400,000) = $0.260526247 ≈ $0.26

8 0
3 years ago
The restaurant sector continues to grow despite the hurting economy.<br><br> O True<br><br> O False
Mkey [24]

Answer:

True.

Explanation:

^^

5 0
2 years ago
T/F: The theory of purchasing-power parity states that a unit of a country's currency should be able to buy the same quantity of
balandron [24]

Answer: The statement is  <u>TRUE.</u>

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3 years ago
The phases of project management are: A. planning, scheduling, and controlling. B. planning, programming, and budgeting. C. plan
o-na [289]

Answer:

A. planning, scheduling, and controlling.

Explanation:

The phases of project management are -

1. Initiation

2. Planning

3. Execution - Scheduling

4. Control

5. Close

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3 years ago
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jekas [21]

Answer:

$2,109,200

Explanation:

The computation of the depreciation expense under the straight line method is shown below:

= (Original cost + installation cost - residual value) ÷ (useful life)

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