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Levart [38]
3 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]3 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.

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The product deletion process is similar to the ____ step of the new-product development process because both involve deciding wh
saul85 [17]

Answer:

e. Business analysis

Explanation:

Based on the description being made within the question it can be said that this process is similar to the Business analysis step. This step focuses on identifying the product needs and determining the best position and solution to different product/business related problems. Many factors such as sales, costs, and profits are taken into account during this step in order to make the best decisions possible.

4 0
3 years ago
A consumer is reading a magazine with an advertisement, but due to a loud sound he is distracted from reading the advertisement
Y_Kistochka [10]

Answer:

Noise

Explanation:

Noise is defined as any factor that interrupts communication process. It is anything that distracts the reader or listener from comprehending a message that is been passed across. It serves as a barrier to the communication process. In this case, the barrier to communication for the reader is a loud sound which is a factor of noise. Noise can either be a physical sound like in this case or a mental disturbance coming from the brain.

7 0
3 years ago
The prepaid insurance account had a beginning balance of $6,600 and was debited for $2,300 for premiums paid during the year. Jo
____ [38]

Explanation:

The adjusting entry is as follows

Insurance expense A/c Dr  $4,800

           To Prepaid insurance A/c  $4,800

(Being the insurance expense is recorded)

The computation is shown below:

= Beginning balance + debited amount - unexpired insurance amount

= $6,600 + $2,300 - $4,100

= $4,800

So while preparing the adjusting entry, we debited the insurance expense account and credited the prepaid insurance account

8 0
3 years ago
The following information came from the income statement of the Wilkens Company at December 31, 2017: sales revenue $1,800,000;
andriy [413]

Answer:

Wilkens' days in inventory for 2017 = 60.833

Explanation:

Given:

Sales = $1,800,000

Beginning inventory = $160,000

Ending inventory = $240,000

Gross profit = $600,000

Inventory turnover = 6 times

Wilkens' days in inventory for 2017 = ?

Computation of Wilkens' days in inventory for 2017:

Wilkens' days in inventory for 2017 = Number of days in a year / Inventory turnover

Wilkens' days in inventory for 2017 = 365 / 6 times

Wilkens' days in inventory for 2017 = 60.833

7 0
3 years ago
If you noticed that one of your co-workers was stealing a very small amount of cash from the cash register each day, how would y
Damm [24]

Noticing a cash embezzlement done by any colleague in work area then a personal ethics tend to be involved is loyal reporting to employer with quickly and decisively response.

<h3>What are Personal Ethics at work place?</h3>

Personal ethics refers to a person's moral principles and directs individuals in their decisions both inside and outside of the workplace.

Specific moral values will impact a person on how he/she will respond to a particular situations at work and how deal with it while advancing career.

Thus if a person find his or her colleague doing cash register manipulation contact immediately the team leader or any superior for the benefit of company.

To know more about Personal Ethics at work place refer:

brainly.com/question/1031443

#SPJ1

7 0
1 year ago
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