Answer:
The difference is $612
Explanation:
By using the Periodic inventory system Fulbright Corp. calculates its Cost of Sales and Inventory at the end of a certain period. In this case at year end.
FIFO
FIFO assumes that the units to arrive first will be sold first. Meaning inventory will be valued using recent prices.
FIFO inventory = 36 units x $122 = $4,392
LIFO
LIFO assumes that the units to arrive last will be sold first. Meaning that the inventory will be valued using earliest (old) prices.
LIFO inventory = 36 units x $139 = $5,004
Conclusion
Difference = LIFO inventory - FIFO inventory
= $5,004 - $4,392
= $612
Answer:
The amount of gain that Flint should recognize in its income statement for year 2 is $60,000,option A.
Explanation:
The losses recorded in January is offset against the disposal proceeds of the asset,thereby leaving a gain of $60000($90000-$30000)
The losses recorded in December of year 1 is not relevant in computing gain or loss for year 2 as the losses would have been recorded since gains and losses from discontinued operations are expected to be reported same year.
The S<u>mall Business Administration</u><u> </u> helps economically weaker sections of the society to apply for loans to set up small businesses and facilitate their development
Explanation:
- The Small Business Administration (SBA) was established in the year 1953 to provide financial assistance to the small businesses.
- Apart from providing financial assistance SBA also counsel individual who are trying to setup or grow their businesses.
- SBA also acts as an advocate as it provides legislative advice's to the small business houses .
Answer:
A. Higher in Country A
Explanation:
So to get per capita income
Formula
GDP/Population
Therefore
For Country A
440/100=4.4
Per capita income for country A is 4.4
For Country B
560/175=3.2
Per capita income for country B is 3.2
So the per capita income for country A is higher than Country B
Explanation:
The Journal entry is given below:-
1. Purchase Dr, $1,280
To cash $1,280
(being merchandise is purchased)
2. Cash Dr, $115
To Purchase return $115
(Being merchandise is returned)
3. Purchase Dr, $668
Freight In Dr, $43
To Account payable $771
(being Purchase on credit)
4. Account payable $50
To Purchase return $50
(Being purchase return is recorded)
5. Account payable $661
To cash $661
(Being cash is paid)
