LLC stands for limited liability company.LLC is private limited company<span> in which the ist members cannot be held personally liable for the company's debts or liabilities</span><span>
Typical, day-to-day decision making in a manager-managed LLC is performed by </span>the managing members.
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Answer:
Explanation:
When the future revenue producing ability of the inventory is above its original cost the
companies should reports their inventory value with LCNV method.
Answer:
Ending inventory as at Oct 15 : $348
Explanation:
The FIFO (First-In-First-Out) method of inventory valuation is whereby the stock that enters first into inventory is the one that is sold or used first. In other words, the oldest stock is used first. This is common for inventory consisting of perishables such as vegetables, which will be wasted if not used soon.
Oct 1 : Beginning inventory : 40 units x $12.50 = $500
Oct 5 : Purchases : 26 units x $13.50 = $351
Oct 12 : 36 units x $14.50 = $522
Oct 15 : Sales : 78 units. This consists of:
40 units x $12.50 = $500
26 units x $13.50 = $351
12 units x $14.50 = $174
Hence, Cost of Goods sold is : $500 + $351 + $174 = $1025
Ending inventory is (36-12) x $14.50 = $348
Answer:
Companies that use ABC allocate all costs including direct materials, direct labour and manufacturing overhead to the product based on an activity cost allocation rate.
This statement is False.
Explanation:
In ABC, it is only the overhead that will be allocated to the product based on an activity cost allocation rate (cost drivers). Direct material cost and direct labour cost will be recorded at the actual cost incurred on direct material and direct labour.
