FIFO reports higher gross profit and net income than the LIFO method when (a)prices are increasing
Explanation:
<u>FIFO (First in, First Out) reports higher gross profit and net income than the LIFO (Last In, First Out) method when prices are increasing. </u>
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The FIFO method refers to an inventory system wherein the first items purchased are thought to be sold first(i.e. First In First Out) while the most recent purchases make up the ending inventory.
On the other hand, the LIFO method is just the opposite. The recent purchase are sold first and the first item purchased makes up the ending inventory(last item that is in is sold first)
Answer:
<u>d) objective research</u>
<u>Explanation:</u>
We need to note that mention was made that the research was "<em>Carefully controlled." </em>Been carefully controlled shows that the research has an objective.
Furthermore, measuring the reactions of consumers at different salt levels makes the research factual and thus a decision could be made from the findings.
Answer:
$9,3
Explanation:
COST RETAIL RATIO
Inventory, May 1 $10,440 $14,500 .72
Purchases 31,550 42,900
Freight-in 2,000
Purchase discounts
(250)
Net markups 3,400
Net markdowns (1,300)
Totals excluding beginning inventory
33,300 45,000 .74
Goods available $43,740 59,500
Sales (46,500)
Inventory, May 31 $13,000
Estimated inventory, May 31
($13,000 × .72) $ 9,360
Answer:
5 Qualities of a Phlebotomist
Compassion. A Phlebotomist's primary duty is drawing blood. ...
Detail-oriented. Phlebotomists must draw the correct vials of blood for the tests ordered, track vials of blood, and enter data into a database. ...
Hand–eye coordination. ...
Ability to Multitask. ...
Team Player.
Explanation:
etc
Answer:
<u>Retained earnings under the Balance sheet</u>
Explanation:
Making comparisons between the two inventory value when using FIFO or Average cost method=
63.0M - 47.1M = $15.9M
We see an <em>increase</em> in the ending inventory.
Thus, this increase in income has been unprecedented, and may not have been distributed to the shareholders of Adonis Industries. On the balance sheet journal entry this extra income would be indicted on the balance sheet on the retained earnings column for year 2021.