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valina [46]
3 years ago
5

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

Business
1 answer:
Annette [7]3 years ago
4 0

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.

To learn more, please check: brainly.com/question/5101734?referrer=searchResults

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At December 31, 2017 the following balances existed on the books of Vaughn Manufacturing: Bonds Payable $5990000 Discount on Bon
Pepsi [2]

Answer:

loss on redemption = $969800

so correct option is $969800

Explanation:

given data

Bonds Payable = $5990000

Discount on Bonds Payable = 850000

Interest Payable = 155000

bonds retired = 102

to find out

loss on redemption

solution

we get here loss on redemption that is express as

loss on redemption = amount paid in excess par value + discount bond payable   ........................1

here amount paid in excess par value will be

amount paid in excess par value = Bonds Payable ( 1.02- 1)

amount paid in excess par value =  $5990000 × (1.02 - 1)

amount paid in excess par value = 119800

so from equation 1

loss on redemption = $119800 + 850000

loss on redemption = $969800

so correct option is $969800

3 0
4 years ago
Which of the following statements is correct?a. Monopolistic competition is similar to monopoly because both market structures a
nata0808 [166]

Answer:

The correct answer is (A)

Explanation:

Monopoly and monopolistic competition are similar in many ways. In both type of markets the firms are usually the price makers. Being the only firm in the market gives them an opportunity to earn abnormal profits and in both cases firms earn abnormal profits. Perfect competition is a type of market that is totally different in terms of number of sellers and buyers. In perfect competition firms are the price takers.

4 0
3 years ago
Which of the following is an example of the effective use of email communications?​ When sending an email, Jake avoids using a d
hichkok12 [17]

Answer:

When sending an email, Ellis restates the subject in the body of the message.

Explanation:

Email has some standard guidelines for preparing the email.

It includes that the subject shall also be defined again in the descriptive area, where entire content of email is discussed.

There must be a descriptive line showing the purpose of email.

There shall be supportive subject for the description of email.

If the email has some quantitative data then it shall be summarized using graphs, pictures etc:

In a single email, least topics shall be discussed as that will not confuse the reader, and will be logical, towards the response for such email.

4 0
4 years ago
Rick, a marketing manager for Fix-It Tools, is discouraged with the way his organization markets its products. Currently, Fix-It
Alina [70]

The correct answer would be option D, Mass Marketing.

Rick protests to management that the company is not listening to its customers and is in danger of losing many of them to firms that create a personal dialogue with their buyers. Fix it is currently practicing Mass Marketing.

Explanation:

Rick who is the marketing manager of the Fix it Tools is currently utilizing a strategy which is aimed towards the largest possible number of people. This marketing strategy to attract a large number of people through different advertising techniques is called as Mass Marketing.

Mass Marketing helps in attracting and capturing the largest number of people. It is usually done through Televisions. Online advertisement also contribute in mass marketing due to the increased use of social media now a days.

Learn more about Mass Marketing at:

brainly.com/question/13605925

#LearnWithBrainly

8 0
3 years ago
Which of the following is true about organizational culture? The strength of an organization's culture refers to how widely and
Komok [63]

Answer:

The strength of an organization's culture refers to how widely and deeply employees hold the company's dominant values and assumptions

Explanation:

The culture of an organization shows the working culture of the organization. It consists of duties, responsibilities, beliefs,values, ethics, policy, procedures that are to be followed by the all employees in the organization. There should be a good working culture so that everyone gots motivated so that they perform their task better  

Therefore according to the situation the option is A as it refers to the culture of the organization that understands that how broadly needs to understand the employees so that we can improve the profit of the organization by taking care of beliefs and values.

7 0
3 years ago
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