Every tangible product is made up of what? (Select the best answer.)

Case D. Stewart Company reports the following inventory record for November:

worty [1.4K]

The cost of ending inventory and the cost of goods sold under each of the following methods: Under the LIFO method, Sales Less: Cost of Goods sold Gross Profit less: Selling, admin, depreciation Income before.

Final in, first out (LIFO) is a technique used to account for inventory. beneath LIFO, the expenses of the maximum recent products bought (or produced) are the primary ones to be expensed. LIFO is used most effectively inside the USA and governed via the commonly ordinary accounting standards (GAAP).

The LIFO method is used within the COGS (value of products sold) calculation while the fees of manufacturing a product or obtaining inventory have been growing. this will be because of inflation.

The ultimate-In, First-Out (LIFO) method assumes that the last unit to arrive in stock or greater latest is offered first. the first-In, First-Out (FIFO) approach assumes that the oldest unit of inventory is sold first.LIFO effects decrease internet earnings because the price of products offered is better, so there may be a decrease in taxable profits.” decreased tax legal responsibility is a key reason some organizations decide on LIFO.

Learn more about LIFO here: brainly.com/question/24938626

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5 0

1 year ago

Refer to the following transactions.

Mashutka [201]

Answer:

1 a) + asset , + preferred stock

b) + asset , + preferred stock

c) + assets , + stockholder's equity

d) - and + Asset

e) + -Asset

f) - Equity , + liability

g) - Equity , - Asset

journal entry

a) Debit bank 700000 Credit Preferred stock 700000

b) debit land 420000 , credit preferred stock 420000

c) debit bank 768000 credit stockholder's equity 768000

d) Debit investment 270000 credit bank 270000

e) Debit bank 189000 , credit investment 189000

f) Debit dividend 19600 credit shareholders for dividends 19600

g) debit dividends 96000 credit bank 96000

Explanation:

dividends preferred = 7000 + 4200 = 11200 * 1 . 75 = 19600

dividends common stock = 48000 * 25 * 8 % = 96000

8 0

3 years ago

Miller Company’s contribution format income statement for the most recent month is shown below: Total Per Unit Sales (37,000 uni

inn [45]

Answer:

Instructions are listed below

Explanation:

Giving the following information:

Total Per Unit Sales (37,000 units at $6) $ 222,000

Variable expenses 111,000 ($3.00)

Contribution margin 111,000 ($ 3.00)

Fixed expenses 41,000

Net operating income $ 70,000

1) sales increase by 12%

Income= contribution margin* 1.12 - fixed expenses= 111,000*1.12 - 41,000= 83,320

2) selling price decreases by $1.30 per unit and the number of units sold increased by 19%.

Income= (37000*1.19)*(4.7-3) - 41,000= 33,851

3) the selling price increases by $1.30 per unit, fixed expenses increase by $6,000, and the number of units sold decreased by 7%

Income= (37000*0.93)*(7.30-3) - 47000= $100,963

4) the selling price per unit increases by 20%, variable expenses increase by 20 cents per unit, and the number of units sold decreased by 13%

Income= (37000*0.87)*(7.2-3.2) - 41000= $87,760

8 0

3 years ago

Here's the revenue and expenses for the month. Calculate whether Mia had a profit or loss.

kherson [118]

Answer:

Loss

Explanation:

Because she started with 860.00 then ended with 300

4 0

3 years ago

Joe Chin bought a house for $180,000. He made a 20% down payment. Joe secured a loan for the balance of the purchase price at 6.

Ivan

Answer:

910.18

Explanation:

After Chin's down payment the amount borrowed is ...

(1 - 20%)($180,000) = 0.80·$180,000 = $144,000

The amount of the payment is given by the amortization formula ...

A = P(r/n)/(1 -(1 +r/n)^(-nt))

for P borrowed at rate r for t years, compounded n times per year.

A = 144000(0.065/12)/(1 -(1 +.065/12)^(-12·30)) = 910.18

The monthly loan payments will be 910.18.

6 0

3 years ago