Answer:
A. In a situation where prices are declining, companies using LIFO will report the smallest cost of goods sold.
- This is because LIFO calculates goods sold as Last in, First Out. And since the cost is declining, the last in inventory will have the smallest cost of goods sold.
C. Weighted average cost of goods sold will be between FIFO and LIFO costs of goods sold.
- Whether the cost of goods are rising or falling, this will always be the case.
D. Companies using LIFO will pay higher taxes than companies using FIFO, assuming all else being equal.
- This is because when using LIFO in this scenario, higher profits would be recorded and the tax is paid on profit, thus higher taxes.
F. Companies using LIFO will report the highest ending inventory on their balance sheets (as compared to companies using FIFO or weighted average,)
- This is simply because in this scenario, the LIFO sold the cheaper goods first leaving an ending inventory of the relatively expensive goods unlike FIFO which would have sold the expensive first. Again, emphasis on this scenario of declining cost.
Answer:
Bob Knox will be paid $598.5 for 45 hours worked.
Carson Morris will be paid gross pay $903.1 for 50 hours worked.
Explanation:
Bob Knox is paid on piece-rate basis, which means he will be paid based on the units he produced. To calculate his pay
1,890 units × $0.3 = $567
$567 ÷ 45 hours worked = $12.6 per hour
To calculate his overtime pay we multiply by 0.5 because he is paid one half of regular pay as overtime.
$12.6 per hour × 0.5 = $6.3 per hour
$6.3 per hour × 5 hours overtime = $31.5
$31.5 + $567 = $598.5.
Carson Morris is paid average rate basis for overtime. His pay will be calculated as follows,
( 36 hours × $16.00 per hour) + (14 hours × $17.50 per hour ) = $821 for (36 + 14) 50 hours.
$821 ÷ 50 hours = $16.42 per hour
$16.42 × 0.5 = $8.21 per hour
$8.21 per hour × 10 hours overtime = $82.10
=$82.1 + $821 = $903.1
Answer:
Responsibilty
Explanation:
Responsibility is the act of accepting the full control of a given activity and also taking ownership of the consequences of the outcome of the activity.
It is basically being accountable.
When Cybil's manager asks her to design the new ad campaign for the firm's new product, she was given all the necessary resources to complete the task.
Her awareness that she is accountable for the outcome of the campaign exemplifies concept of responsibility.
