The formula for cost of goods sold under LIFO is cost of oldest inventory purchased multiplied by the units of goods sold.
<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 is 10 units at of an item purchased at $10 and 10 units of inventory was purchased at $20. During the course of the month 5 units of the items was sold.
Cost of goods sold = 5 x 10 = 50
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Answer: Option C
Explanation: In simple words, statement of shareholders equity refers to financial statement which depicts the change in the equity of the company from the beginning top the end of a particular accounting year. This statement is issues as the part of the balance sheet of that year.
This statement is used by stakeholders to evaluate the management decisions regarding the sources from which capital is collected and the projects for which it is used.
Answer: the minimum of the range
Explanation:
From the question, we are informed that Denver Corporation has a probable loss that can only be reasonably estimated within a range of outcomes and that no single amount that is within the range is a better estimate than any other amount.
Based on the information that has been given in the question,the loss accrual should be the minimum of the range.
Answer:
GDP (Gross Domestic Product) is the sum total of local production within the UNited States. It is an indicator of whether the economy is growing or shrinking. Measures indices like: consumption, government spending, and net exports. It's usually higher than the GNP.
Gross National Product (GNP) is a measure of total production both locally and abroad.
When GNP is higher than GDP it indicates citizens abroad are contributing more to the economy. For example when the country has financial crisis, and when a countrie's entrepreneurs have large oversea operations.
Explanation: