All categories

3 years ago

in a period of rising prices, the inventory method which tends to give the highest cost of goods sold value is

Business

1 answer:

aliya0001 [1]3 years ago

4 0

Answer:

First In, First Out (FIFO).

Explanation:

FIFO is an acronym for "First In, First Out" and it assumes oldest unit of inventory is sold first, meaning goods that were first added to inventory are the first goods removed from inventory for sale and are recorded as sold first.

FIFO can be defined as an accounting methods used in managing costs related to inventory, stock repurchases at different times and financial activities associated with monetary costs a company had tied up within inventory of feedstocks, raw materials, produced goods, and equipment parts.

Simply stated, FIFO is an accounting methods used for the valuation of the cost of goods sold and ending inventory of a company.

In a period of rising prices, the inventory method which tends to give the highest cost of goods sold value is First In, First Out (FIFO). This is because the more recent costs represent the higher (rising) net income and a higher (rising) inventory valuation costs.

You might be interested in

Who is the home inspector's most important source of business leads? A. Engineering firms B. Architects C. Real estate agents D.

Nikitich [7]

This would be C. the Real Estate Agents. The engineering firms are only in charge of the construction of the home and the materials that are to be used for building it. The Architects, on the other hand, are responsible for the design of the home and the placement of the materials of the home. The lending institutions are focused more on providing the home inspector with money that he will need for a piece of property. So that leaves us with the Real Estate Agents. It is these people who deal with the sales of property which is why they are the source of business leads.

5 0

3 years ago

A federal bank examiner came to a bank in Jacksonville. He audited the books and he checked out the staff and the office facilit

babymother [125]

Answer:

Eminent domain for the public good.

Explanation:

He charged the branch manager because he didn't see eminent domain for public use.

In eminent domain the government, the government the government has the power to take private property for public use.

The bank is a public place and as such are required to have a public domain that is members of the public or for civic use. Such a party is likely going to be for public use or it could be delegated to third parties.

3 0

3 years ago

Few restaurant management students opt for ____________________management, believing it lacks the variety, glamour and opportuni

sammy [17]

Answer: Quick service

Explanation:

According to the given question, the few restaurants student opting quick service management is the process of lack of varieties, opportunities and the glamour.

The Quick service is one of the disadvantage method using in the management as it contain the fast serving of the food and lack of the various types of variety in the food menu.

We are not able to manage all the stuff in order to satisfying the customer requirement and also lacks the opportunities for the self expression. Therefore, Quick service is the correct answer.

4 0

3 years ago

Kingsbury Manufacturing has net sales revenue of $850,000, cost of goods sold of $344,600, and all other expenses of $328,300. T

gladu [14]

Answer:

56.46%

Explanation:

The computation of the gross profit percentage is shown below

Gross profit percentage is

= (Sales - cost of goods sold) ÷ (Sales) × 100

where,

Sales is $850,000

And, the cost of goods sold is $344,600

Now placing these values to the above formula

So, the gross profit percentage is

= ($850,000 - $344,600) ÷ ($850,000) × 100

= $505,400 ÷ $850,000 × 100

= 56.46%

8 0

3 years ago

Coordination and policy harmonization problems are largely a function of the number of countries that seek agreement.

sammy [17]

When a number of countries are working harmoniously together, then they would have no problems involving coordination and policy harmonization. It is inevitable to have a difference in opinions brought about by the diversity of culture. However, when countries respect each other's views, they work hand in hand to adjust and compromise with each other. So, the statement is false. The answer is B.

6 0

3 years ago