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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>
You might be interested in
After 160 customer reviews for the hotel, 65% were Excellent
Aneli [31]

Answer: 104 reviews

Explanation:

Number of customers reviews = 160

Percentage of customer reviews that were excellent= 65%

.

Number of customer reviews that were excellent will be:

= 65% × 160

= 65/100 × 160

= 0.65 × 160

= 104

104 reviews were excellent.

4 0
3 years ago
RJ Miller Manufacturing Company produces a product that sells for $120. A selling commission of 10% of the selling price is paid
djverab [1.8K]

Answer:

$48

Explanation:

Contribution = Sales - Variable Costs

where,

Sales = $120

Variable Costs = $120 x 10% + $60 = $72

therefore,

Contribution = $120 - $72 = $48

The contribution margin per unit is: $48

6 0
3 years ago
the italian airline alitalia will pay $10 million to United Airlines one year from today. The spot rate is $1.35/E, while the 1-
Vitek1552 [10]

Answer:

alitalia should do the forward hedge to hedge its transaction exposure

Explanation:

Alitalia can construct the money market hedge as follows

1. borrow Euro whose present value is equal to the amount to be paid.

2. convert it to foreign currency at the current spot rate.

3. place it in a deposit

4. make the payment when the deposit reaches maturity

PV of payment = 10000000/1.05

                         = 9523809.525

converting in to Euro at the spot rate we get 6802721.09 Euros

so Alitalia has to borrow the above amount and convert it and invest it at 5%.

now the payable amount from the loan is  6802721.09(1+0.03) = 7006802.72 Euros

Hence Alitalia has effective managed to locl in a forward rate of 1.427$/euros (10000000/7006802.72)$/euros

Therefore, alitalia should do the forward hedge to hedge its transaction exposure

6 0
4 years ago
A) provide funding flexibility to the purchaser.
uranmaximum [27]

Answer:

None

Explanation:

Dear friend,

Kindly input the complete question not just the options.

Thanks

6 0
4 years ago
Mapleleaf Industries declared a $0.85 per share cash dividend. The company has 130,000 shares authorized, 51,000 shares issued,
patriot [66]

Answer:

Mapleleaf Industries

Journal Entry

Debit Cash Dividend $40,800

Credit Dividends Payable $40,800

To record the declaration of $0.85 per share cash dividend.

Explanation:

This journal entry shows the two accounts involved and how they are recorded when a cash dividend is declared (declaration date).

Calculation of cash dividends is based on 48,000 shares of common stock outstanding and not on the issued shares nor the authorized.  Usually, dividends are only payable to shareholders of record, who appear on the register of the company as holders of the shares on the specified date (date of records).

So, the divided equals $40,800 (48,000 x $0.85).

3 0
4 years ago
Read 2 more answers
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