Answer:
Compute the amount of phantom profit that would result if the company used FIFO rather than LIFO.
- If the company used FIFO instead of LIFO, their profits would increase by $1,960 - $1,720 = $240 because their COGS would be lower.
Explain why this amount is referred to as phantom profit.
- Phantom profit basically refers to the profit that the company could have made using a different accounting method.
Identify the impact of LIFO versus FIFO.
- LIFO increases COGS by $240, reducing gross profits by the same amount.
Explanation:
units price total
purchase 100 $6 $600
purchase 200 $7 $1,400
purchase 140 $8 $1,120
total 440 $3,120
ending inventory 180
using LIFO $1,160
using FIFO $1,400
COGS using LIFO = $3,120 - $1,160 = $1,960
COGS using FIFO = $3,120 - $1,400 = $1,720
If the company used FIFO instead of LIFO, their profits would increase by $1,960 - $1,720 = $240 because their COGS would be lower.
To include a copy of the agent's buyer representation agreement with the offer.
Answer:
Option D
Explanation:
In simple words, Cognitive dissonance refers to the practical contact of mental stress that arises whenever an individual holds two or more contradictory beliefs, ideas, values or takes part in a behavior contrary to some of these three.
As per this concept, when two acts or thoughts do not coincide mentally with each other, individuals will do everything they can to alter these until they become compatible.
Thus, from the above we can conclude that the correct option is D .
<span>The department chair issued this directive because several computers and keyboards in the computer labs were recently damaged by spilled drinks and food. this is a rule issued by the department chair. </span>
$8,000,000 - corporate issued
5 % - annual interest
30 % - income tax rate
Annual net cash cost - ?
Formula and Solution - (8,000,000 x 0.05) x 0.7 = 280,000
Answer: The Annual net cash cost - $280,00
