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AysviL [449]
3 years ago
11

Cox Co. accounts for its inventory using the LIFO cost method. An inventory loss from a permanent market decline of $360,000 occ

urred in May. Cox appropriately recorded this loss in May after its March 31 quarterly report was issued. What amount of inventory loss should be reported in Cox’s quarterly income statement for the 3 months ended June 30?
Business
1 answer:
kirill115 [55]3 years ago
8 0

Answer:

$360,000

Explanation:

Last in first out (LIFO) is a method used in inventory where the cost of most recently purchased goods is the one to be expensed first. Also current losses are the first to be reported.

An inventory loss incurred in a quarter must not be deferred, but recorded as items within an interim must be reported in the same period they were incurred, unless it can be redeemed before the end of the fiscal year. It is not considered a temporary item.

The loss reported in May will be reported for that quarter in June.

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Answer:

The correct answer is letter "A": True.

Explanation:

Stability strategies are those in which the firm does not change its core method of working, thus, it remains to focus on its current products and markets. Carrying out stability strategies is a less risky approach. The types of stability strategies can be <em>no-change strategy; profit strategy; </em><u><em>and</em></u><em> growth through concentration, integration, diversification, co-operation, internationalization.</em>

6 0
3 years ago
Becca and Bob own a car rental business. Becca contributes 75 percent of the capital but does only 20 percent of the work, while
ale4655 [162]

Answer: Limited liabilities and partnerships

Explanation:

Limited liabilities mean that the partners within the firm are only liable to pay off their debts with the amount they had invested as capital in the company. Partnership is an agreement between certain number of partners to share the profit and loss of the company. In this case since there is a 50/50 allocation of profits and there are only 2 partners therefore, this is a limited liability partnership.  

4 0
2 years ago
E1-7 Preparing an Income Statement [LO 1-2]Home Realty, Incorporated, has been operating for three years and is owned by three i
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Answer:

Explanation:

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The preparation of the income statement is presented in the spreadsheet. Kindly find the attachment below:

6 0
3 years ago
A company has sales of $752,800 and cost of goods sold of $301,800. its gross profit equals:
Elena-2011 [213]
Revenue = $752,800
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To solve for the gross profit:
Gross profit = revenue - cost of goods sold
Gross profit = $752,800 - $301,800
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The gross profit shows the profits a company has after taking their costs to make the product and subtract them from the sales they had. 
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Explanation:

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