1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Levart [38]
2 years ago
6

Under LIFO, net income exists if revenues are sufficient to cover the __________ cost of the units of inventory sold, provided n

ew units are acquired before the end of the accounting period.
Business
1 answer:
dolphi86 [110]2 years ago
5 0

Answer:

<u>total</u>

Explanation:

Remember, a LIFO method of accounting for inventory differs in that it  records the most recently produced items as sold first; meaning Last in, First Out. Thus leading to recording  the lowest cost of older products in the inventory.

A case of lower Net income (income after deductions of cost) thus exists if revenues are sufficient to cover the total cost of the units of inventory sold which reduces taxes.

You might be interested in
LO 1.3Briefly discuss the chain of command for someone being hired into an organization as a staff managerial accountant.
grin007 [14]

Answer:

A staff managerial accountant is part of the mid-level accounting management.

The top position in the chain of command is the Chief Financial Officer, who is in charge of all financial matters within the firm, especially of presenting accurate financial information at the end of the accounting year to management, stockholders, and potential investors.

Directly below him is the controller, an important position in charge of reporting financial statements during the year, and helping gather information for auditors during external audtis.

Below a staff managerial accountant would be lower level accounting who are in charge of bookeeping on a daily basis.

3 0
3 years ago
Carin, a widow, elected to receive the proceeds of a $150,000 life insurance policy on the life of her deceased husband in 10 in
Viktor [21]

Answer:

The correct answer to the following question is option B) $2500 .

Explanation:

Given information -

Proceeds to be received on life insurance - $150,000

Carin receives 10 installments of $17,500 each , which takes total amount to - $175,000

Premiums paid by Carins husband - $60,000

Carin collected - $17,500 from insurance company

The interest element that would be included in her gross income -

$175,000 - $150,000

= $25,000

She is receiving payments in form of annuity, and the amount that should be included in her gross income in the first year should -

$25,000 / $175,000  x  $17,500

= $2500

8 0
3 years ago
As you describe your products or services in your business plan, the most effective approach is to
alexgriva [62]
Have a clear description of what exactly your product or service is going to be and how you plan to accomplish your set goals.
Focus on what target market your product is for.
Describe the benefits of this product
Have other people offer proof to how good the product is
Make the description easy to read and understand.
7 0
3 years ago
Catherine is starting her own catering company. So far she has researched
weqwewe [10]

Answer:

A. She needs to acquire funding for her business.

Explanation:

Took the test

8 0
2 years ago
The council of better business bureaus is a national organization devoted to consumer service and _____.
Vladimir [108]
The council of better business bureaus is a national organization devoted to consumer service and business self-regulation.
5 0
3 years ago
Other questions:
  • The transmission of a capitalist economic system from one generation to the next best illustrates the impact of
    12·2 answers
  • How to make a business tycoon by yourself?
    15·1 answer
  • You plan to go to school this summer.
    14·1 answer
  • Parkway Company incurred $126,000 in material costs during July. Additionally, the 12,000 units in the Work-in-Process Inventory
    15·1 answer
  • 16. Which type of footwear should be worn while working on a hybrid vehicle?
    8·2 answers
  • Sunland Company’s budgeted manufacturing costs for 50000 squares of shingles are: Fixed manufacturing costs $12000 Variable manu
    7·1 answer
  • Assume that Simple Co. had credit sales of $258,000 and cost of goods sold of $158,000 for the period. Simple uses the aging met
    12·1 answer
  • An investment of $9,875 earns 4.8% interest compounded monthly over 12 years. approximately how much interest is earned on the i
    6·2 answers
  • You are sitting around the fire at a lodge in Dillingham, Alaska, discussing a fishing expedition you are planning with your col
    9·1 answer
  • How has the u.s. fish and wildlife service positively impacted ecosystems? a. by regulating private land use b. by conserving wi
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!