A general manager is someone who is responsible for managing:

fifo uses the ______ cost for cost of goods sold on the income statement and the ______ cost for inventory on the balance sheet.

Annette [7]

fifo uses the oldest cost for cost of goods sold on the income statement and the newest cost for inventory on the balance sheet.

FIFO is an inventory accounting system that means first in, first out. This means that the first goods that are bought are the first that are assumed to be sold and the newest goods are assumed to remain in inventory.

For example, if you purchase 1 unit of a good at $3 on 1/3/21 and a second unit of the good at $5 on 31/03/21. Only one unit of the good is sold If the FIFO method is used, the cost of good sold would be $3 and the ending inventory would be $5.

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4 0

3 years ago

Arista always spends 20 % of her income on whatzits. Assume that her income increases by some percentage while the price of what

miskamm [114]

The income elasticity in this case is 1.

<u>Explanation:</u>

In Economics, the income elasticity of demand gauges the responsiveness of the amount requested for a decent or administration to an adjustment in income. It is determined as the proportion of the rate change in amount requested to the rate change in pay.

Income Elasticity of Demand (YED) is characterized as the responsiveness of interest when a purchaser's salary changes. It is characterized as the proportion of the adjustment in amount requested over the adjustment in salary.

7 0

3 years ago

When the Federal Reserve lends money to banks and other financial institutions because no one else will, it is: Please choose th

inessss [21]

The Federal reserve is acting as a lender of last resort when its lends money to banks and other financial institutions because no one else will/

<h3>What is the Federal Reserve?</h3>

It is the United states central banking system that is responsible for the nation's monetary policy and regulation of the supply of money and interest rates.

One of the role of Federal reserve is to act as a lender of last resort when its lends money to banks and other financial institutions because no one else will.

Therefore, the Option A is correct.

Read more about Federal Reserve

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7 0

2 years ago

On October 15 Wan Pollo borrowed $3000.00 for a bank at 10.5% interest. Wan plans to repay the loan on February 25. Assume the l

mixas84 [53]

$1260 in interest at 10.5% for four months

8 0

3 years ago

For each of the following cases, state whether the statement is true for LIFO or for FIFO. Assume that prices are rising. (a) se

stealth61 [152]

Answer:

LIFO : results in a higher quality of earnings ratio.
FIFO : in higher phantom profits.
FIFO : results in higher net income.
LIFO : results in lower taxes.
FIFO : results in lower net cash provided by operating activities.

Explanation:

FIFO states that first goods brought are the first to be sold and the inventory consists of the most recent purchases and LIFO assumes that the last goods are purchased and first sold.

Thus LIFO results in a higher earning ratio and in a lowering of the taxes and FIFO at higher net incomes and lowers the net cash provided for the operating activities.

3 0

3 years ago