Answer:
Explanation:
Which of the following tasks are least likely to be part of the accountant's role in ... be done, which are technical, environmental, legal, operational, and sensible.
A massive wipe of poverty and starvation.
Inexperienced employees may include consigned goods as inventory resulting in an overstatement of assets.
<h3>What is
inventory ?</h3>
Inventory, also known as stock, refers to the goods and materials that a company keeps for the purpose of resale, production, or use. Inventory management is primarily concerned with specifying the shape and placement of stocked goods.
There are four types of inventory: raw materials/components, work in progress (WIP), finished goods, and maintenance and repair (MRO).
Inventory valuation methods include FIFO (First In, First Out), LIFO (Last In, First Out), and WAC (Weighted Average Cost).
In accounting, inventory is classified as a 'current asset' that a company or business keeps for less than a year. Expenses, accounts receivable, and insurance plans are also examples of current assets.
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Answer:
S/N Account Titles and Explanation Debit Credit
1 Income tax expense (balance) $6,780,000
Deferred tax asset $1,250,000
(53,000,000*25%) - 14,500,000
Income taxes payable $5,530,000
(15,800,000 *35%)
(To record tax expenses)
2 Income tax expense $280,000
Valuation allowance - deferred tax asset $280,000
(4,720,000 - 5,000,000)
(To record valuation allowance)
Answer:
B) increased by 5,000 units
Explanation:
For computing the inventory level, first we have to determine the fixed cost per unit which is shown below:
Fixed cost per unit = Total fixed cost ÷ number of units produced
=$60,000 ÷ 10,000
=$6
Now the inventory level would be
= (Net operating income using absorption costing - Net operating income using variable costing) ÷ (Fixed cost per unit)
= ($95,000 - $65,000) ÷ $6
= $30,000 ÷ $6
= 5,000 units increased
