Answer:
$6745
Explanation:
Given: Beginning inventory is 77 units at the cost of $19 per unit.
Purchased inventory is 476 units at $19 per unit.
Sales during the month is 355 units at $45 per unit.
Now, let´s find the cost of goods sold using LIFO method.
We know, LIFO method is Last in first out, which sell out inventory, which are most recently purchased. In a period of rising prices, LIFO inventory method tends to give the highest reported cost of goods sold.
As sales unit is 355 units.
Let´s take units from recent purchased inventory.
Cost of good sold= 
Hence, the cost of goods sold using the LIFO method is $6745.
Answer:
A License
Explanation:
Burger Boy Restaurant Corporation allows its trademark to be used as part of a domain name for BurgerBoyNY, Inc., an unaffiliated company. Burger Boy NY does not obtain ownership rights in the mark. This is a license. When one firm gives its rights to another firm under this type of contract, the ownership rights always remains with the parent company and licensee can't have ownership rights, they can use only the name and products of that parent company to the customers, but ownership held with the parent company. For example, when KFC and McDonald's gives the right to make and sell their products all over the world, the ownership rights are always reserved with the parent company.
Answer:
Explanation:
Cost of machine - $80000
Useful life - 5 years
Salvage value -$5000
Depreciable amount = 80000-5000= 75000
Annual depreciation = 75000/5 = 15000
Year DR Accum Dep
Cost 8000
1 Depreciation 15000 15000
2 Depreciation 15000 30000
Year 3 Depreciation 15000 45000
Year 4 Depreciation 15000 60000
Year 5 Depreciation 15000 75000
Financial statement template
Balanced sheet
Cash asset + Non cash asset = liabilities + Equity
Cash asset + 65000 = liabilities + equity
Income statement
Revenue - expenses = Net income
Revenue - 15000 - Net Income
Answer:
4. Fiscal year
Explanation:
Reporting period refers to the period or time covered by a set of financial statements. It is the accounting period in which a given financial report will be covered. It may either be monthly, quarterly or yearly depending on organization's choice.
Now, fiscal year is an accounting period or reporting period that consist of 12 month used for accounting purposes. It is a yearly reporting period made up of 12 consecutive months. It may or may not correspond to the normal calendar year depending on the organization's choice or decision.
