Answer:
The cost of the ending inventory under FIFO is $2,430 and under LIFO is $1,620
Explanation:
First determine the units sold
Units Sold = Total Purchases - Units in hand
= 1,410 units - 270 units
= 1,140
Note ; Wildhorse Co. uses a periodic inventory system. This means we calculate the cost at the end of the period.
FIFO
Means First in First Out
Cost of the ending inventory = 270 x $9.00 = $2,430
LIFO
Means Last in First Out
Cost of the ending inventory = 270 x $6.00 = $1,620
Conclusion
The cost of the ending inventory under FIFO is $2,430 and under LIFO is $1,620
Answer:
A) Connection B)Coordination C)Cooperation D)Capability Development E)Colut
Explanation:
A) This step is to create an environment where people freely communicate in order to CONNECT them to each other.
B) This step is to bring different aspects of activity into an efficient work flow to improve COORDINATION
C) This step is to make people work together or COOPERATE to achieve a common objective
D) This step is to Develop competencies of individuals
E) This step is to dedicating more resources on activities that will have an influence or CLOUT on the business
A.) because if only the team members know the password only the team members can views the confidential reports.
Answer:
Effect on net income=$328.22
Explanation:
DSO Formula is:
DSO=(Account Receivable/Credit sales)x365
Current DSO is:
DSO=(11500/100000)x365
DSO=41.975 days
In order to calculate the amount lowered we replace Account Receivable in DSO formula by X. DSO is 27 days
27=(X/100000)x365
X=$7397.26
Now:
Decrease in Account Receivable =$11500 - $7397.26=$4102.74
Effect on net income=$4102.74 * 8%
Effect on net income=$328.22
Answer:
The journal entry for recording the loss on the impairment is shown below:
Explanation:
Loss on Impairment A/c..........................Dr $137,000
Patent A/c......................................Cr $137,000
For recording the impairment, the loss or expense on the impairment is debit Therefore, loss on impairment is debited and the underlying asset is credited. So, the Patent account is credited.
Working note:
Impairment loss = Carrying amount - Fair value
where
Carrying amount is $300,000
fair value is $163,000
So,
= $300,000 - $163,000
= $137,000
