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.
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Answer:
Soap is soluble in water, but fat is not. Fat has a melting point above 47C and soap has a melting point above 100C. Fat has a density of 0.92 g/cm3 and soap has a density of 0.84 g/cm3. These are all properties that make fat and soap different substances.
Explanation:
Answer:
Option (a) is correct.
Explanation:
Amount paid for house three years ago = $85,000
Selling price of house today = $110,000
Therefore,
Property appreciated by following percentage:
= (change in value ÷ Amount paid for house three years ago) × 100
= [($110,000 - $85,000) ÷ $85,000] × 100
= ($25,000 ÷ $85,000) × 100
= 0.2941 × 100
= 29.41%
Answer:
The budgeted materials needed in units for April is 64,800 units
Explanation:
In order to calculate the budgeted materials needed in units for April we would have to use the following formula:
Budgeted Materials =Materials needed +ending inventory −beginning inventory available
To calculate the ending inventory we would have to use the following formula:
Ending inventory=0.3×Following month budgeted materials
Ending inventory=0.3×62,000
Ending inventory=18,600
Therefore, Budgeted Materials =66,000+18,600−19,800
Budgeted Materials= 64,800 units
The budgeted materials needed in units for April is 64,800 units
