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Which one of the following is not a disadvantage of the LIFO inventory cost flow assumption?...
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?
Homework for only one choise 1. The inventory cost flow assumption where the cost of the...
Homework for only one choise
1. The inventory cost flow assumption where the cost of the most recent purchase is matched first against sales revenue is? a) First-In, First-Out b) Last-In, First-Out c) Average Method d) Specific Identification Method 2. Which of the following does not decrease cash? a) Purchasing inventory for cash b) Accruing operating expenses c) Paying accounts payable d) Paying an instalment of a loan 3. A prepaid expense is: a) An asset b) A liability c)...
Match each description to the appropriate cost flow assumption (a-c). a. FIFO b. LIFO c. Weighted...
Match each description to the appropriate cost flow assumption (a-c). a. FIFO b. LIFO c. Weighted average 5. Produces the same cost of merchandise sold under both the periodic and the perpetual inventory system 6. Rarely used with a perpetual inventory system 7. Produces results that are similar to the specific identification method 8. Widely used for tax purposes 9. Never results in either the highest or lowest possible net income 10. Produces the highest gross profit when costs are...
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 $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 $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...
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...
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 $276,359 and average assets of $1,424,900. If Mannisto had used the LIFO cost flow assumption in the same year, its cost of goods sold would have been $34,440 more than under FIFO, and its average assets would have been $47,980 less than under FIFO. Required: a. Calculate the firm's Rol 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 $256,538 and average assets of $1,535,130. If Mannisto had used the LIFO cost flow assumption in the same year, its cost of goods sold would have been $39,560 more than under FIFO, and its average assets would have been $30,920 less than under FIFO. Required: a. Calculate the firm's ROI under each cost flow assumption (FIFO and...
Homework for only one choise
1. The inventory cost flow assumption where the cost of the most recent purchase is matched first against sales revenue is? a) First-In, First-Out b) Last-In, First-Out c) Average Method d) Specific Identification Method 2. Which of the following does not decrease cash? a) Purchasing inventory for cash b) Accruing operating expenses c) Paying accounts payable d) Paying an instalment of a loan 3. A prepaid expense is: a) An asset b) A liability c)...
Match each description to the appropriate cost flow assumption (a-c). a. FIFO b. LIFO c. Weighted average 5. Produces the same cost of merchandise sold under both the periodic and the perpetual inventory system 6. Rarely used with a perpetual inventory system 7. Produces results that are similar to the specific identification method 8. Widely used for tax purposes 9. Never results in either the highest or lowest possible net income 10. Produces the highest gross profit when costs are...
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...
Mannisto Inc. uses the FIFO inventory cost flow assumption. In a year of rising costs and prices, the firm reported net income of $276,359 and average assets of $1,424,900. If Mannisto had used the LIFO cost flow assumption in the same year, its cost of goods sold would have been $34,440 more than under FIFO, and its average assets would have been $47,980 less than under FIFO. Required: a. Calculate the firm's Rol 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 $256,538 and average assets of $1,535,130. If Mannisto had used the LIFO cost flow assumption in the same year, its cost of goods sold would have been $39,560 more than under FIFO, and its average assets would have been $30,920 less than under FIFO. Required: a. Calculate the firm's ROI under each cost flow assumption (FIFO and...
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