What kinds of companies would be least likely to use LIFO? Explain.
Question:
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 87% (8 reviews)
The primary reason for using LIFO is to decrease ...View the full answer
Answered By
Diksha Bhasin
I have been taking online teaching classes from past 5 years, i.e.2013-2019 for students from classes 1st-10th. I also take online and home tuitions for classes 11th and 12th for subjects – Business Studies and Economics from past 3 years, i.e. from 2016-2019. I am eligible for tutoring Commerce graduates and post graduates. I am a responsible for staying in contact with my students and maintaining a high passing rate.
5.00+
1+ Reviews
10+ Question Solved
Related Book For
Intermediate Accounting
ISBN: 978-0324592375
17th Edition
Authors: James D. Stice, Earl K. Stice, Fred Skousen
Question Posted:
Students also viewed these Managerial Accounting questions
-
What kinds of companies do you envision using process costing? The book gives us several examples of industries that might use process costing. Pick an industry listed and select two companies from...
-
For what kinds of companies would an LBO or MBO transaction not be productive?
-
What kinds of companies and individuals might want to be involved in Equal Exchange? Why would they want to be involved?
-
The focal length of a thin biconvex lens is 20 cm. When an object is moved from a distance of 25 cm in m25 front of it to 50 cm, the magnification of its image changes from ms to m50. The ratio is m50
-
Cyber Construction's manufacturing costs for August when production was 1,000 units appear below: Direct material $12 per unit Direct labor $7,500 Variable overhead 6,000 Factory depreciation 9,000...
-
Write the expression as a single logarithm. 3 logm W logmz+5logmx 2
-
Use a stem-and-leaf plot to display the data set. Describe any patterns. Use the data set, which represents the pollution indices for 24 U.S. cities. 22 41 46 50 38 57 65 49 41 23 38 65 28 36 63 54...
-
Stylz Company, a recent start-up fashion retailer based in the United States, is deciding between opening its first sales presence in either Italy's Tuscany Region or Spain's Matarrana Region....
-
1. Frank was director of research-development (R&D) for a large pharmaceutical company. The following memorable incident is related to his name: During a research project the mebers of the team...
-
Indicate whether each of the following statements specify descriptive statistics ( because it describes sets of actual observations) or inferential statistics ( because it generalizes beyond sets of...
-
Assume there is no change in the physical quantity of inventory for the current accounting period. During a period of rising prices, which inventory valuation method (LIFO or FIFO) will result in the...
-
What is the current status of LIFO under IASB standards?
-
Ten firms compete in a market to sell product X. The total sales of all firms selling the product are $2 million. Ranking the firms' sales from highest to lowest, we find the top four firms' sales to...
-
Kalin Corporation had 2015 net income of 1,000,000. During 2015, Kalin paid a dividend of 2 per share on 100,000 preference shares. During 2015, Kalin had outstanding 250,000 ordinary shares. Compute...
-
Ludwick Steel Company as lessee signed a lease agreement for equipment for 5 years, beginning December 31, 2015. Annual rental payments of \($40\),000 are to be made at the beginning of each lease...
-
Dominquez Company establishes a share-appreciation rights program that entitles its new president Dan Scott to receive cash for the difference between the market price of the shares and a...
-
Zambrano Companys net income for 2015 is 40,000. The only potentially dilutive securities outstanding were 1,000 options issued during 2014, each exercisable for one share at 8. None has been...
-
On December 31, 2014, Tsang Inc. borrowed HK\($3\),000,000 at 12% payable annually to finance the construction of a new building. In 2015, the company made the following expenditures related to this...
-
Describe some of the challenges in creating an effective supply chain and some of the trade-offs involved.
-
QUESTION 2 The CEO of Farisha Hijab Sdn Bhd insisted on further investigation to be carried out that he also required Mr Muaz to conduct the analysis of variance for the material and labour of the...
-
What is the partial pressure of neon, in torr, in a flask that contains 3.11 mol of neon and 1.02 mol of argon under a total pressure of 209 torr?
-
Gershwin Corporation obtained a franchise from Sonic Hedgehog Inc. for a cash payment of $120,000 on April 1, 2010. The franchise grants Gershwin the right to sell certain products and services for a...
-
On September 1, 2010, Winans Corporation acquired Amount Enterprises for a cash payment of $700,000. At the time of purchase, Amounts balance sheet showed assets of $620,000, liabilities of $200,000,...
-
Kenoly Corporation owns a patent that has a carrying amount of $300,000. Kenoly expects future net cash flows from this patent to total $210,000. The fair value of the patent is $110,000. Prepare...
-
How truly do drive elements and social impact instruments, for example, social personality hypothesis and gathering polarization, deeply mold hierarchical way of behaving and decision-production at...
-
Sub Station and Planet Sub reported the following selected financial data ( $ in thousands ) . Sub Station s business strategy is to sell the best tasting sandwich with the highest quality...
-
The credit manager of Montour Fuel has gathered the following information about the company's accounts receivable and credit losses during the current year: Net credit sales for the year $ 7 , 5 0 0...
Study smarter with the SolutionInn App