With the <em>specific identification inventory method</em>, the Cost of Goods Sold equals the <em>exact costs of the items sold.</em>
The <em>specific identification inventory method</em> tracks each sold item to record its cost. The Cost of Goods Sold includes only the actual cost of the items sold and not an average or assumed cost.
The <em>specific identification inventory method</em> is not like the:
- FIFO (First-in, First-out) method that assumes that items sold are from the first inventories in the store
- LIFO (Last-in, First-out) method that assumes that items sold are from the last inventories in the store
- Weighted-average method that takes the average cost for all the items in store to determine the cost of goods sold.
Thus, the <em>specific identification method</em> ensures that the Cost of Goods Sold equals the actual cost of the goods.
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Answer and Explanation:
A lot of the information and suggestions in this section assume a staff of at least five or six members, which is the number at which sustaining internal communication can become particularly difficult. This is not meant to imply that smaller organizations don't have internal communication needs, or that the need for good internal communication is any less in an organization with three staff members than in one with 30. If your staff is larger than one, internal communication is an issue that you can't afford to ignore. Most of the material that follows is relevant to small organizations as well as large ones. This section will help you establish an atmosphere and set up systems that will lead to good internal communication and to the effectiveness of your organization.
Answer:
The cattle industry began in the far west and furnished the great plain areas with livestock. The cattle industry progressively lost its relevance because of the excessive westward expansion, resulting in competition for the industry. There was too much cattle, but not enough food and land to sustain such great populations of livestock.
Answer:
b.if 100 units can be produced for $100, then 150 can be produced for $150, 200 for $200, and so forth.
Explanation:
Constant-cost means the cost of producing one unit of product does not change no matter how many products each firm in the industry decide to produce.
If the cost of production is $100 for 100 units, $150 for 150 units, $200 for 200 units and so forth, it means the unit production cost is a constant $1 regardless of the quantity to be produced.
I believe this shouldn't affect him since he is 75 years old, past the 65 retirement age. So the $50K from this IRA can be withdrawn tax free. If he moved the funds to a checking account BEFORE 65, then it would be taxable. Check with a financial advisor.
