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4 years ago

Dollar-value LIFO:

Business

1 answer:

k0ka [10]4 years ago

7 0

Answer:

a. Starts with ending inventory measured at current costs and re-creates LIFO layers for measuring inventory costs.

Explanation:

Dollar-value LIFO refers a technique of accounting that employed for inventory based on the last-in-first-out model.

To obtain the dollar-value LIFO, the conversion price index that will be used to calculate the LIFO cost layer for each period must be calculated first.

Therefore, Dollar-value LIFO starts with ending inventory measured at current costs and re-creates LIFO layers for measuring inventory costs.

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Explanation:
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Paraphin [41]

Answer:

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Explanation:

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3 years ago

To develop the sales budget, companies must estimate both unit sales and the production cost per unit. true or false

Anton [14]

Answer:

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Explanation:

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4 years ago

What is consumer vigilance? Select the best answer from the choices provided. A. being aware of risks to consumers B. being fear

Nimfa-mama [501]

Answer:

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3 years ago

Suppose a firm produces x and y, the firm earns revenues from x=$50000 and revenues from y equal to $ 30000. the own price elast

Olenka [21]

Answer:

If the firm lowers the price of product x by 1%, the change in the total revenues will be <u>$680</u>.

Explanation:

Own price elasticity of demand of a commodity is the degree of responsiveness of quantity demanded of the commodity to a change in its own price. This is given as -2 for commodity x in the question.

The cross price elasticity of demand between any two commodities is the degree of responsiveness of quantity demanded of the first commodity to a change in the price of the second commodity. This is given as -0.6 for between commodity x and y in the question.

Given the information in the question, the change in the total revenues if the firm lowers the price of product x by 1% can be calculated using the following formula:

ΔTR = [(rx * (1 + ex)) + (ry * cexy)] * Δpx ..................... (1)

ΔTR = Change in the total revenues = ?

rx = revenues from x = $50,000

ex = own price elasticity of demand for x is = -2

ry = revenues from y = $30,000

cexy = cross price elasticity of demand between x and y = -0.6

Δp = Change in the price of product x = -1%

Substituting the values into equation (1), we have:

ΔTR = [(50,000 * (1 + (-2))) + (30,000 * (-0.6)] * (-1%)

ΔTR = [(50,000 - 100,000) - 18,000] * (-1%)

ΔTR = [-50,000 - 18,000] * (-1%)

ΔTR = -68,000 * (-1%)

ΔTR = $680

Therefore, if the firm lowers the price of product x by 1%, the change in the total revenues will be <u>$680</u>.

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4 years ago