The Last-In, First-Out (LIFO) inventory costing method assumes that items in ending inventory are the most recently acquired.
<h3>What is LIFO and FIFO methods of inventory?</h3>
LIFO refers to the Last In, First Out. LIFO is a method that assumes that the last unit that has been added in the inventory or more recently, will be sold first.
FIFO stands for First In, First Out. FIFO method assumes that the oldest unit of inventory that has been added first, would be sold first.
Basically, FIFO and LIFO accounting are the inventory costing methods used in managing inventory.
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Answer:
Nike as a brand is making the use of Marketing mix to communicate a objective of high quality sport brand.
Explanation:
- The aim of the marketing mix s the right combination of product, place, promotion, and price, etc. It is done so that the company can have an advantage over the competitors. It's a set of controllable and tactile marketing tools.
Answer:
movement up the U.S. production possibility frontier.
Explanation:
The Production possibilities frontiers is a curve that shows the various combination of two goods a company can produce when all its resources are fully utilised.
The PPF is concave to the origin. This means that as more quantities of a product is produced, the fewer resources it has available to produce another good. As a result, less of the other product would be produced. So, the opportunity cost of producing a good increase as more and more of that good is produced.
Point outside the curve or to the right of the curve means that the production level is not attainable given the level of resources
Points inside the production possibilities curve means that the nations resources are not being fully utilised
Factors that cause the PPF to shift
1. changes in technology.
2. changes in available resources.
3. changes in the labour force.
Due to the winter, there would be a movement up along the PPF
<span>The target customers for this business view suits as an investment. They take the time to find the best deal and make sure it's a quality suit. Their customers are most likely stylish people who want quality but also want a good deal on their suits.</span>
Answer:
The correct answer is C.
Explanation:
Giving the following information:
Direct materials used $ 5,400
Direct Labor 7,400
Total Factory overhead 5,500
Beginning work in process 3,400
Ending work in process 4,800
To calculate the cost of goods manufactured we need to use the following formula:
cost of goods manufactured= beginning WIP + direct materials + direct labor + allocated manufacturing overhead - Ending WIP
cost of goods manufactured= 3,400 + 5,400 + 7,400 + 5,500 - 4,800
cost of goods manufactured= $16,900
