Answer: Option A
Explanation: Certified Public Accountant is an American Institute of Certified Public Accountants (AICPA) qualification for suitability in the accounting profession. The roles include financial analysis, accounting and reporting, accounting for assets, and management of treasury/cash.
Due to different rules and procedures in different states of America, the accountant must pass an examination and get license from the concerned authority if he or she wants to practice in the state as a signatory authority.
Signatory authority refers to the ability to verify audit reports of the company.
Answer
The answer and procedures of the exercise are attached in the following archives.
Explanation
You will find the procedures, formulas or necessary explanations in the archive attached below. If you have any question ask and I will aclare your doubts kindly.
Answer:
- The first choice: <u>$536.</u>
Explanation:
<em>LIFO inventory method</em> implies that the last merchandise that entered was the first to leave the inventory.
Hence, the 200 units counted on June 30 correspond to the older merchandise. That is 150 units entered on June 1, for $390, and 50 units entered on June 10.
The cost of the 50 units entered on June 10 is:
- $585/200units × 50 units = $146.25
Then, the total value of the ending inventory on June 30 is $390 + $146.25 = $536.25.
Rounded to the nearest dollar, that is $536, the first choice.
