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Morgarella [4.7K]
4 years ago
12

Brick company decides to change its inventory cost flow method from fifo to lifo. what course(s) of action must brick take to be

in conformity with gaap?
Business
1 answer:
natka813 [3]4 years ago
6 0
The answer is noted disclosure and effect on net<span> income.
In accounting, disclosure contains note worthy  attachment that exist on organization's financial statement.
The things that're considered important enough to be included in disclosure should only the one that could influence the financial result significantly, such as the inventory recording method or when to recognize income.

</span>
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Ming Company had net income of $772,200 based on variable costing. Beginning and ending inventories were 7,800 units and 5,200 u
Otrada [13]

Answer:

$764,400

Explanation:

Given that,

Net income under variable costing = $772,200

Beginning inventories = 7,800 units

Ending inventories = 5,200 units

Fixed overhead per unit = $3

Net income under absorption costing:

= Net income under variable costing - [(Beginning inventories - Ending inventories) × Fixed overhead per unit]

= $772,200 - [(7,800 - 5,200) × $3]

= $772,200 - $7,800

= $764,400

7 0
4 years ago
When would a pie chart be an effective visualization?
liubo4ka [24]

The time when a pie chart would be an effective visualization is when trying to work out the composition of something.

<h3>What is a Pie Chart?</h3>

This refers to the visual representation that is used to show and interpret data for a group of people to show their preferences in a circular, pie form.

Hence, we can see that using a pie chart to make an effective visualization is good and it is appropriate to use when a person is trying to work out the composition of something.

Read more about pie charts here:

brainly.com/question/26851221

#SPJ12

4 0
2 years ago
A conflict of interest between the stockholders and managers of a firm is referred to as the:________
GalinKa [24]

A conflict of interest between the stockholders and managers of a firm is referred to as the agency problem (option c).

<h3>What is the agency problem?</h3>

The agency problem  is a conflict of interest between the managers of the company and the principal (shareholders). The agency problem

occurs when the interest of the managers and the shareholders are not aligned.

For example, if the income of managers are tied to net income, it might  motivate managers to undertake risky projects that might not maximise shareholders wealth. This would lead to agency problem.

To learn more about agency problem, please check: brainly.com/question/16834354

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3 0
2 years ago
Steeler Manufacturing uses an unrelated diversification strategy throughout its operations. For instance, Steeler has five core
galina1969 [7]

Answer:

highly-diversified

Explanation:

Based on the scenario being described within the question it can be said that Steeler Manufacturing would be considered a highly-diversified firm. This term refers to a business/organization that has a wide varied array of operations, all of which are completely unrelated to one another. Which is exactly what Steeler Manufacturing has with it's five subsidiaries. All of which are successful.

5 0
4 years ago
Greg belongs to a society which makes very few distinctions between people and groups. This is reflected in his company, Sonata
serious [3.7K]

Answer:

The answer is (B) The society which Greg belongs is low on social stratification.

Explanation:

To start with, social stratification is the manner which a society categorizes or group people according to social and economic factors like race, education, wealth, gender, income, occupation, derived power and social status.

Since Greg belongs to a society that doesn't prioritize distinction between people and groups, it can be unarguably noted that the society he belongs is low on social stratification. It is even more evident by the fact that the managers of Greg's company - Sonata DCM are from different classes and cultures.

6 0
4 years ago
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