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rodikova [14]
3 years ago
5

ABC Corp. was formed on 1/1/05 and is in the business of buying and selling erasers. The cost of purchasing erasers and the numb

er of erasers held in inventory has steadily increased since the company was formed. Which of the following inventory methods will result in the lowest reported gross profit in the year ended 12/31/13 income statement?
a) Average cost
b) FIFO
c) LIFO
d) Can't be determined with the information provided
Business
1 answer:
mario62 [17]3 years ago
7 0

Answer:

<u>c) LIFO</u>

Explanation:

Indeed, the LIFO (Last in First Out) inventory method is known to give the lowest gross profit when calculating income statement.

Since this method takes account of the most recently purchased items as sold first, and the cost of purchasing erasers and the number of erasers held in inventory has steadily increased, it thus means that items bought costly would be accounted for first leading to low reported gross profit.

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If the U.K. exports 14 billion British Pounds of​ products, and imports 10 billion British pounds of​ products, its trade balanc
rodikova [14]

Answer:

D) 4 billion British pounds

Explanation:

Trade balance or balance of trade can be defined as the difference between a country's export and import at a particular period of time.

It could be a deficit or surplus.

Deficit trade balance refers to when the export of a country is less than it's import. This means more products are imported that exported.

Surplus trade balance refers to when export of a country is more than the import.

Import is the bringing in of goods from a foreign country. This means a particular country purchase goods from another country.

Export is the sending out of goods to a foreign country. That is the selling of goods to another country.

Trade balance= Export- Import

=14 billion British pounds- 10 billion British pounds

=4 billion British pounds

The trade balance that occurs here is surplus trade balance where export is more than import.

5 0
3 years ago
Forecasting drives all of the key business functions. Among the following cases, select the cases that are the least suited for
Svetach [21]

Answer:

(1). Demand of radically innovative new product

Explanation:

Forecasting refers to a decision making tool for planning and making estimates of future projections. This is usually achieved by relying on past events to determine future outcomes.

There are two forecast types, namely; judgment-based and quantitative.

The combination of the two types helps to get the best outcome as it aids to mitigate weaknesses.

7 0
3 years ago
Read 2 more answers
Suppose that a monopoly firm finds that its MR is $56 for the first unit sold each day, $55 for the second unit sold each day, $
OlgaM077 [116]

Answer:

Explanation:

the file attached shows the solution to the three questions asked i hope it helps. thank you

Download docx
6 0
3 years ago
If Jenny spends $80 of her own money to make bracelets, and sells between 3-6 of them for $26 each, in either case, is Jenny get
Mars2501 [29]
If she sells 3 she's not getting her money back
3×26=78
But if she sells more than 3 then she's getting her money back and more
7 0
3 years ago
Indicate where each item would appear on a statement of cash flows using the indirect method by placing an x in the appropriate
SSSSS [86.1K]

Based on the items given, the place where they would appear on the Statement of Cashflows is:

  • a. Declared and paid a cash dividend - Financing activities.
  • b. Recorded depreciation expense - Operating activities.
  • c. Paid cash to settle long-term note payable - Financing activities.  
  • d. Prepaid expenses increased in the year - Operating expenses.

<h3>How is the Statement of Cashflow ordered?</h3>

There are financing activities that include debt and share capital as well as dividends.

There are also operating activities that record the day to day transactions which include prepaid expenses and depreciation.

Investing activities relate to capital transactions involving fixed assets and the trade in other company securities.

The rest of the question is:
a. Declared and paid a cash dividend.

b. Recorded depreciation expense.

c. Paid cash to settle long-term note payable.

d. Prepaid expenses increased in the year.

Find out more on the statement of cashflows at brainly.com/question/24179665.

#SPJ1

8 0
2 years ago
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