Where do I find the LIFO cost flow assumption in the annual report?
Where do I find the LIFO cost flow assumption in the annual report?
Homework Answers
Hey buddy !!
In the annual report, under the financial information sub head after the financial statements are put up, the notes on significant accounting policies followed have to be reported. Under that head, a section is separately mentioned as Inventories under which the measurement aspect as well as valuation method followed i.e., LIFO/FIFO is reported.
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Which one of the following is not a disadvantage of the LIFO inventory cost flow assumption?...
Which one of the following is not a disadvantage of the LIFO inventory cost flow assumption? impaired comparability between companies using LIFO failure to match the most recent costs with revenue the possibility of income manipulation by management the impact of LIFO liquidation profits
Proponents of the LIFO inventory cost flow assumption argue that this costing methods is superior to the alternatives be...
Proponents of the LIFO inventory cost flow assumption argue that this costing methods is superior to the alternatives because it results in better matching of revenue and expense. A. explain why"better Matching" occurs with LIFO? B. What is the impact on the carrying value of inventory in the balance sheet when LIFO rather than FIFO is used during periods of inflation?
Chapters 5 &6 One of the principal reasons for selecting the LIFO cost flow assumption instead...
Chapters 5 &6 One of the principal reasons for selecting the LIFO cost flow assumption instead of the FiFO cost how assuimption in en inflationary economic e O income taxes will be lower. O net income will be higher O a higher selling price can be established O balance sheet inventory volues will be higher
Mannisto Inc. uses the FIFO inventory cost flow assumption. In a year of rising costs and...
Mannisto Inc. uses the FIFO inventory cost flow assumption. In a year of rising costs and prices, the firm reported net income of $217,775 and average assets of $1,463,010. If Mannisto had used the LIFO cost flow assumption in the same year, its cost of goods sold would have been $39,290 more than under FIFO, and its average assets would have been $42,760 less than under FIFO. Required: a. Calculate the firm's ROI under each cost flow assumption (FIFO and...
Tristan, Inc., uses the LIFO cost-flow assumption to value inventory. It began the current year with...
Tristan, Inc., uses the LIFO cost-flow assumption to value inventory. It began the current year with 1,900 units of inventory carried at LIFO cost of $68 per unit. During the first quarter, it purchased 5,450 units at an average cost of $98 per unit and sold 6,200 units at $190 per unit. Assume the company does not expect to replace the units of beginning inventory sold; it plans to reduce inventory by year-end to 500 units. What amount of cost...
Tristan, Inc., uses the LIFO cost-flow assumption to value inventory. It began the current year with...
Tristan, Inc., uses the LIFO cost-flow assumption to value inventory. It began the current year with 1,700 units of inventory carried at LIFO cost of $64 per unit. During the first quarter, it purchased 5,350 units at an average cost of $94 per unit and sold 6,000 units at $170 per unit. Assume the company does not expect to replace the units of beginning inventory sold; it plans to reduce inventory by year-end to 500 units. What amount of cost...
Tristan, Inc., uses the LIFO cost-flow assumption to value inventory. It began the current year with...
Tristan, Inc., uses the LIFO cost-flow assumption to value inventory. It began the current year with 1,700 units of inventory carried at LIFO cost of $64 per unit. During the first quarter, it purchased 5,350 units at an average cost of $94 per unit and sold 6,000 units at $170 per unit. Assume the company expects to replace the units of beginning inventory sold in April at a cost of $96 per unit and expects inventory at year-end to be...
Mannisto Inc. uses the FIFO inventory cost flow assumption. In a year of rising costs and...
Mannisto Inc. uses the FIFO inventory cost flow assumption. In a year of rising costs and prices, the firm reported net income of $1,500,000 and average assets of $10,000,000. If Mannisto had used the LIFO cost flow assumption in the same year, its cost of goods sold would have been $300,000 more than under FIFO , and its average assets would have been $300,000 less than under FIFO. A) Calculate the firm's ROI under each cost flow assumption (FIFO and...
Mannisto Inc. uses the FIFO inventory cost flow assumption. In a year of rising costs and...
Mannisto Inc. uses the FIFO inventory cost flow assumption. In a year of rising costs and prices, the firm reported net income of $235,546 and average assets of $1,496,540. If Mannisto had used the LIFO cost flow assumption in the same year, its cost of goods sold would have been $48,370 more than under FIFO, and its average assets would have been $40,460 less than under FIFO. Required: a. Calculate the firm's ROI under each cost flow assumption (FIFO and...
Mannisto Inc. uses the FIFO inventory cost flow assumption. In a year of rising costs and...
Mannisto Inc. uses the FIFO inventory cost flow assumption. In a year of rising costs and prices, the firm reported net income of $227,936 and average assets of $1,410,000. If Mannisto had used the LIFO cost flow assumption in the same year, its cost of goods sold would have been $43,260 more than under FIFO, and its average assets would have been $43,930 less than under FIFO. Required: a. Calculate the firm's ROI under each cost flow assumption (FIFO and...
Which one of the following is not a disadvantage of the LIFO inventory cost flow assumption? impaired comparability between companies using LIFO failure to match the most recent costs with revenue the possibility of income manipulation by management the impact of LIFO liquidation profits
Chapters 5 &6 One of the principal reasons for selecting the LIFO cost flow assumption instead of the FiFO cost how assuimption in en inflationary economic e O income taxes will be lower. O net income will be higher O a higher selling price can be established O balance sheet inventory volues will be higher
Mannisto Inc. uses the FIFO inventory cost flow assumption. In a year of rising costs and prices, the firm reported net income of $217,775 and average assets of $1,463,010. If Mannisto had used the LIFO cost flow assumption in the same year, its cost of goods sold would have been $39,290 more than under FIFO, and its average assets would have been $42,760 less than under FIFO. Required: a. Calculate the firm's ROI under each cost flow assumption (FIFO and...
Mannisto Inc. uses the FIFO inventory cost flow assumption. In a year of rising costs and prices, the firm reported net income of $235,546 and average assets of $1,496,540. If Mannisto had used the LIFO cost flow assumption in the same year, its cost of goods sold would have been $48,370 more than under FIFO, and its average assets would have been $40,460 less than under FIFO. Required: a. Calculate the firm's ROI under each cost flow assumption (FIFO and...
Mannisto Inc. uses the FIFO inventory cost flow assumption. In a year of rising costs and prices, the firm reported net income of $227,936 and average assets of $1,410,000. If Mannisto had used the LIFO cost flow assumption in the same year, its cost of goods sold would have been $43,260 more than under FIFO, and its average assets would have been $43,930 less than under FIFO. Required: a. Calculate the firm's ROI under each cost flow assumption (FIFO and...
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