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Tju [1.3M]
3 years ago
13

Weiss Company purchased two identical inventory items. The first purchase cost $30 and the second cost $32. When the Company sol

d one of the items for $40, it expensed $30 to its cost of goods sold account. Based on this information which of the following cost flow methods is the company using?
a) FIFO
b) LIFO
c) Weighted average >>I picked this one
d) NIFO
Business
1 answer:
zhuklara [117]3 years ago
3 0

Answer:

a) FIFO

Explanation:

FIFO means first in, first out. It is an inventory system where the first purchased inventory is the first to be sold . The cost of goods sold is $30 which is equal to the price of the first purchased inventory . Therefore, the FIFO inventory system was used.

LIFO means last in, first out. It is an inventory system where the last purchased inventory is the first to be sold.

Weighted average is when the weighted price of inventory is used as the cost of goods sold.

I hope my answer helps you.

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Whoever answers gets brainlist!
Anika [276]

Answer:

false

Explanation:

S corporation form of business ownership is one type of corporation. It is a corporation whose shareholders have elected to become an S corporation. The formation of this form of business structure is not easy. First, a corporation is formed as per the requirements of the laws. Some requirements include drafting of articles and memorandum of association, appointing directors, and registering the corporation.  

The shareholder can then apply to be an S incorporation if they meet the requirement. Some of them are

1. Should not have more than  100 shareholders

2. Shareholders should be individual or some exempt entities.

3. Have one class of stock

7 0
3 years ago
Analytic communicator
forsale [732]

Answer:

A personal meeting

Voice mail

Explanation:

Though various means of reaching through to individuals differ, however, depending on the gravity or severity of the information to be communicated, you be might be forced to make a somewhat crude means of communication. However, when informations require the passage of specific illustrations and also to show how important the information that is about to be passed on his.organizing a personal meeting might be more satisfactory. However, in many instances, do stance posses a barrier and another means of communication whereby distance doesn't pose a threat may need to be adopted . This include text messages. Emails

voice mails and so on.

8 0
2 years ago
Ben attended a workshop hosted by SCORE, a SBA organization that counsels small-business owners on developing a good vision stat
Zielflug [23.3K]

Answer:

what the company wants to become, and its long-term direction and strategic intent

Explanation:

Vision statement is a long term road map of the direction a business needs to take in order to achieve its set goals and objectives. It usually undergoes little revision.

However the short term operational processes are constantly reviewed to make the business better align with long term goals as stated in the vision statement.

In this scenario where the vision statement of small businesses are being formulated the speakers will discuss what the company wants to become, and its long-term direction and strategic intent

8 0
3 years ago
Question 2 of 8
sveta [45]

Answer:

This type of income is known as non-operating income in the financial statements

Explanation:

Non-operating income, as the world implies, is the income that a firm earns from activities that are not related to its main economic activity. An example would be a mall, whose main activity is the rental and management of commercial real estate, earning some income from short-term investments in the secondary market. This interest would be reported as non-operating income, and would be treated as such for financial, accounting, and tax purposes.

6 0
2 years ago
Other things equal, a firm will have to pay a higher coupon rate on its subordinated debentures than on its second mortgage bond
spin [16.1K]

The statement "Other things equal, a firm will have to pay a higher coupon rate on its subordinated debentures than on its second mortgage bonds."  is True

This is further explained below.

<h3>What is a Mortgage?</h3>

Generally, MBS stands for mortgage-backed securities, which are bonds that are backed by mortgages and other types of real estate loans.

They are produced when a number of these loans, which often have qualities that are comparable to one another, are pooled together.

A company that operates for the purpose of making a profit and is often structured as a partnership in order to carry out the provision of professional services, such as legal or accounting work, is referred to as a firm.

The maximization of profits is the overarching goal of the business, according to the theory of the firm.

In conclusion, It is correct to say that, "all things being equal, a company will be required to pay a greater coupon rate on its subordinated debentures than on its second mortgage bonds."

Read more about mortgage bonds

brainly.com/question/8084409

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8 0
1 year ago
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