What is the LIFO reserve, and when is it used?
Question:
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 60% (10 reviews)
A LIFO reserve is the amount that inventory would incre...View the full answer
Answered By
Anurag Agrawal
I am a highly enthusiastic person who likes to explain concepts in simplified language. Be it in my job role as a manager of 4 people or when I used to take classes for specially able kids at our university. I did this continuously for 3 years and my god, that was so fulfilling. Sometimes I've skipped my own classes just to teach these kids and help them get their fair share of opportunities, which they would have missed out on. This was the key driver for me during that time. But since I've joined my job I wasn't able to make time for my passion of teaching due to hectic schedules. But now I've made a commitment to teach for at least an hour a day.
I am highly proficient in school level math and science and reasonably good for college level. In addition to this I am especially interested in courses related to finance and economics. In quest to learn I recently gave the CFA level 1 in Dec 19, hopefully I'll clear it. Finger's crossed :)
4.80+
2+ Reviews
10+ Question Solved
Related Book For
Cornerstones of Financial and Managerial Accounting
ISBN: 978-1111879044
2nd edition
Authors: Rich, Jeff Jones, Dan Heitger, Maryanne Mowen, Don Hansen
Question Posted:
Students also viewed these Managerial Accounting questions
-
How does an error in the determination of ending inventory affect the financial statements of two periods?
-
How is cost of goods sold determined?
-
Hempstead Company has the following data for 2011: Required: 1. How many units were sold? 2. Using the cost of goods sold model, determine the cost of goods sold. tem Units 980 4,480 750 Cost $10,780...
-
Prove the famous (your name) uncertainty principle, relating the uncertainty in position (A = x) to the uncertainty in energy For stationary states this doesnt tell you muchwhy not? (B = p/2m + V):
-
What does Rule 12b-1 enable mutual funds to do? Is this normally beneficial to current mutual fund shareholders?
-
How drilling machines are classified?
-
What are the strategies that can be deployed to integrate project supply chains?
-
In the chapter, we described a situation where dumping occurs between two symmetric countries. Briefly describe how things would change if the two countries had different sizes. a. How would the...
-
One subunit of Speed Sports Company had the following financial results last month: (Click the icon to view the financial results.) Read the requirements. Requirement 1. Complete the performance...
-
A weight of 200 lb. is supported by a frame made of two rods and hinged at points A, B, and C. Find the forces exerted by the two rods.
-
Describe the types of inventories used by manufacturers and merchandisers.
-
What accounts are used to record inventory purchase transactions under the periodic inventory system? Why arent these accounts used in a perpetual inventory system?
-
Axial offset control banks are used to maintain desired axial shape in PWRs. They add asymmetric reactivity in axial mode and change the axial offset (tilt). Estimate the approximate change in...
-
Read the scenario below, and help me in wriitng direct request to Morgan DiMallano, Pegasus Treasures. The company is located in Toronto at 3852 Eglinton East. The postal code is M1N 7C3. Inquire...
-
If you were the representative of the airline company, how would you respond to this situation? K-pop artists Tina Kim and Liz Kim were going to Mindanao for a series of concerts. They were boarding...
-
2. Given class A1, A2, A3 below, what gets printed after executing the following code: Answer: package a3; class A1 ( int age = 20; public String toString() { return "years"; } public int getAge ( )...
-
Write a Differences between transformative and laissez-faire leadership (Advantages and Disadvantages)
-
Write a program, stored in a file named fish.py, that performs the following task. The program prompts the user to input a file name. If there is no file with that name in the working directory, then...
-
Given that an experiment has only outcomes associated to three events, A, B,C, while P(A) = 0.5, P(B) = 0.4, P(C) = 0.1, and P(A and B and C) = 0. Can any of these events happen simultaneously?
-
Consider the advantages and disadvantages of extending property rights so that everyone would have the right to prevent people imposing any costs on them whatsoever (or charging them to do so).
-
Describe the differences between the current, quick, and cash ratios. Which one is the most conservative measure of short-term liquidity?
-
How does the rationale for the operating cash flow ratio differ from the rationale for the current, quick, and cash ratios?
-
Multiple-Choice Questions 1. Liabilities are recognized: a. In exchange for goods. b. In exchange for services. c. In exchange for borrowing money. d. All of the above. 2. When reporting liabilities...
-
1. Write a Java program that will prompt the user for a number and print out a square with those dimensions. For example, if the user enters 5, return the following: * * * ** ** * * * * * * * * * * *...
-
2. Vector multiplication or dot product is performed by multiplying corresponding elements and summing the products. It can be represented mathematically as oa; *bi where a and b are vectors of...
-
The following data was collected from an experiment testing the hypothesis: The density of cream whipped for 5 minutes increases at higher altitudes. What would be an acceptable interpretation of...
Study smarter with the SolutionInn App