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Fittoniya [83]
3 years ago
10

During periods of decreasing costs, the use of the LIFO method of costing inventory will result in a lower amount of net income

than would result from the use of the FIFO method.
a. True
b. False
Business
1 answer:
gladu [14]3 years ago
7 0

Answer:

b. False

Explanation:

LIFO stand for Last in First Out. This means LIFO inventory valuation is based on earlier goods purchased.

So, when costs are decreasing, they are affecting latter prices and this usually affect FIFO (First in First Out) not LIFO.

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On 1/2/20X6, ALPHA acquired 100 shares of CHARLIE Corporation stock at $20 per share, 200 shares of DELTA Corporation stock at $
aev [14]

Answer:

The balance sheet amount for trading securities will be 12,000

Explanation:

The trading securities are valued at fair value, their diference through dates will generate Other Comprehensive Income.

For the matter of valuation, the gain/loss is not relevant. We just need to multiply market value with the number of shares to get the total for each company, then we add them to get the total for trading securities.

\left[\begin{array}{cccc}-&shares&market \:price& subtotal\\CHARLIE&100&22&2200\\DELTA&200&34&6800\\ECHO&100&30&3000\\Total&400&-&12000\\\end{array}\right]

The balance sheet amount for trading securities will be 12,000

7 0
3 years ago
Quality assurance in the dental office is a way of ensuring that everything possible is being done to produce high-quality diagn
garri49 [273]

Quality assurance in the dental office is a way of ensuring that everything possible is being done to produce high-quality diagnostic images and includes quality control administration procedures and control tests.

<h3>What is quality assurance?</h3>

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In other words, it is the method which prevents or protect the mistakes and the defects in the products which are manufactured and avoid the problem when the product or service is delivered to the customer.

Learn more about quality assurance here: brainly.com/question/13876752

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5 0
2 years ago
Geri is a minor. Without her parents’ knowledge, she signs a contract to buy an airline ticket to Hawaii for spring break. Geri’
brilliants [131]
<span>Geri is a minor. Without her parents' knowledge, she signs a contract to buy an airline ticket to Hawaii for spring break. Geri's parents are liable for no part of the price of the ticket. This is because minors lack the legal capacity to make a contract.</span>
8 0
3 years ago
Earnings per share a.helps compare companies of different sizes b.must be reported by a public company c.is the net income per c
Marrrta [24]

Answer:

d. All of these choices are correct.

Explanation:

The earning per share shows a relationship between the net income after considering the preference dividend and the number of outstanding  shares

The formula is shown below:

Earning per share = (Net income - preference dividend) ÷ (Number of outstanding shares)

Moreover, it is used for the comparison and it must be reported by a public company on a quarterly basis or annual basis

3 0
3 years ago
Marigold Corp. uses the periodic inventory system. For the current month, the beginning inventory consisted of 477 units that co
Blizzard [7]

Answer:

COGS= $81,770

Explanation:

Giving the following information:

Beginning inventory= 477 units that cost $65 each.

Purchases:

715 units at $68 each

364 units at $70 each.

Units sold= 1,197

<u>To calculate the cost of goods sold under the LIFO (last-in, first-out) method, we need to use the cost of the lasts units incorporated into inventory:</u>

COGS= 364*70 + 715*68 + 118*65

COGS= $81,770

7 0
3 years ago
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