1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
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.

You might be interested in
Kristie is a 30% partner in the KKM Partnership. During the current year, KKM reported gross receipts of $280,000 and a charitab
ch4aika [34]

Answer:

Kristie reports the following income from KKM during the current tax year: (A) $54,000 ordinary income; $9,000 charitable contribution.

Explanation:

From the provided data;

KKM's net ordinary income = $180,000 ($280,000 ordinary income - $80,000 of office expenses - $20,000 payment to Kaylyn).

Since the cash distributions to Kaylyn and Megan are not deductible.

Kristie's share of this income is equal to

30% of KKM's net ordinary income

= 30% 0f $180,000

=  $54,000.

In addition, Kristie reports 30% of partnership charitable contribution

= 30% of $30,000

= $9,000 of her share of the partnership's charitable contribution.

Therefore, Kristie reports the following income from KKM during the current tax year: $54,000 ordinary income; $9,000 charitable contribution.

6 0
3 years ago
The _____ was developed to review workforce needs and make recommendations to the federal government to ensure that national pol
natulia [17]

Moschino Botanical Bear Women Short Sleeves Short Dress Black

Shop <u>www.moschinooutletonlinestore.com</u> 2018 Moschino Outlet Online Store, Buy Moschino Botanical Bear Women Short Sleeves Short Dress Black with Big Discount, Fast Delivery and Free Worldwide Shipping...

<u>https://www.moschinooutletonlinestore.com/moschino-botanical-bear-women-short-sleeves-short-dress-black.html </u>


3 0
3 years ago
While viewing a webpage for outdoor gear, Phil noticed a graphic display advertising skateboards at low prices. When he clicked
AURORKA [14]

Answer: This is an example of<em><u> "paid display" </u></em>type of Internet advertising

Paid display or pay-per-click advertising, is an effortless, inexpensive way to compass the right masses.

Here, When Phil clicked on the ad, it took him to a different website where the skateboards were listed for sale. Thus targeting the right audience with right ad.

5 0
3 years ago
When frank sells a pie to jean instead of sarah, the economic value created in society is lower because of the difference in:.
Free_Kalibri [48]

When frank sells a pie to jean instead of sarah, the economic value created in society is lower because of the difference in consumer surplus.

What is consumer surplus?

Consumer surplus occurs when a consumer pays a price that is lesser for a goods than the actual price they are willing to pay for a product.

Difference in consumer surplus occurs because Frank now has more customers and he can now sell at a price lower than the consumer would pay.

Therefore, Frank sells a pie to jean instead of sarah,when the economic value created in society is lower because of the difference in consumer surplus.

Learn more on consumer surplus here,

brainly.com/question/3209988

5 0
2 years ago
If the direction in managerial work today is away from command and control, what is it toward?(a) Coaching and facilitating (b)
vagabundo [1.1K]

Answer:

(a) Coaching and facilitation

Explanation:

Coaching refers to polishing the skills of the employees by imparting knowledge and adequate training so that they are able to contribute efficiently as well as perform to their potential.

Facilitation refers to easing out the processes or making complex tasks easier. Facilitation refers to the act of simplifying a task.

Command and control tend to be imperative, domineering and authoritative.  Those two terms also point towards rigidity and inflexibility.

Thus, shift in managerial work from command and control has been towards (a) Coaching and facilitation.

6 0
3 years ago
Other questions:
  • In terms of the global value system, when Kodak shifted manufacturing to China, what position did China then take in the system,
    8·1 answer
  • Most unemployed workers receive approximately ________ percent of their previous wages through unemployment insurance.
    9·2 answers
  • Elements within the requirements listing tables that should be reviewed annually under the internal control program will include
    7·2 answers
  • I need a paragraph using balance, deposit, withdraw, fixed expenses, variable expenses, profit, Interest, budget, financial inst
    10·1 answer
  • 50. Regarding product mix, brand name is a part of A. place. B. price. C. product. D. promotion.
    7·1 answer
  • The statement, "With its 25 percent market share, this is the best-selling laser printer on the market today," is an example of
    7·1 answer
  • The following unit data were assembled for the assembly process of the Super Co. for the month of June. Direct materials are add
    7·1 answer
  • A building with an appraisal value of $126,112 is made available at an offer price of $155,827. The purchaser acquires the prope
    9·1 answer
  • Why do economists pay attention to the balance of trade?
    6·1 answer
  • Donie, ceo of a multinational tourism and leisure company, is researching cross-country differences in demographic, cultural, an
    9·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!