LIFO uses the last unit costs for Cost of Goods Sold on the income statement and the first unit costs for Inventory on the balance sheet.
<h3>What is LIFO?</h3>
LIFO means last in first out. It means that it is the last purchased inventory that is the first to be sold.
For example, if beginning inventory consists of 10 units at $10 per unit. In the middle of the month, 10 units were bought at $15 per unit. At the end of the month, 10 units were sold. Using LIFO, the cost of goods sold would be $150 ( 10 x 15). Ending inventory would be $100 ($10 x 10).
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Answer:
Preservation of value.
Explanation:
Money is a medium of exchange that is generally acceptable for transactional purposes.
As seen in the scenario , money may not necessarily be cash as some other items can be used as a medium of exchange in a trade by barter agreement so far the items has the features of money and acceptable.
However , one thing that could be pointed out in the transaction in the scenario is a loss of value of the purple fabrics before the transaction could take place as a result of sudden arrival of a trade ship that caused a surplus in the fabrics , and at the end , it could not achieve as much as was expected.
Therefore the need for the preservation of value of money is necessary and needed
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Reorganization
<u>Explanation:</u>
Revamping may allude to the restoration of an organization's funds as per a liquidation. It can likewise allude to any procedure that influences the duty structure of an organization. Furthermore, revamping may allude to a merger or obtaining or offer of an organization that changes the proprietorship, stock, or lawful and the executive's structure.
The redesign is a conventional court-managed procedure of rebuilding an organization's funds after chapter 11. As per insolvency laws, explicitly Chapter 11, an organization is given security from lenders during the timespan when the organization proposes and a liquidation court audits and affirms a particular revamping plan. The rearrangement is planned to reimburse lenders to the most extreme degree conceivable and to rebuild the organization's accounts, the executives, and tasks to keep a similar issue from emerging once more.
Answer:
Kenya performs research and creates reports for her boss, the company's Chief Executive, Kenya's job title is best
described as an Executive Administrative Assistant
Liz responds to people who contact a company. She deals with people who visit the office in person and people who
call or email the company. Her job title is best described as a Receptionist
Neil handles important paperwork that his office needs to keep track of. He sorts paperwork and keeps it handy so he
can retrieve information whenever it is needed. His job title is best described as a File Clerk.
Salvador organizes information and appointments for a department manager. He also reviews and sorts e-mail for his
boss. His job title is best described as an Administrative Assistant.
Explanation:
The administrative assistants, receptionists, and file clerks perform important functions. In their various capacities and roles, they help their bosses to function more efficiently and effectively by relieving them of routine tasks. As they perform these duties, their bosses are enabled to concentrate their efforts and time in managing their assigned responsibilities. However, these job titles are not universally uniform, as it depends on the organization.
