Identify a major advantage of the FIFO method for purposes of planning and control.
Question:
Identify a major advantage of the FIFO method for purposes of planning and control.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 64% (14 reviews)
A major advantage of FIFO is ...View the full answer
Answered By
Somshukla Chakraborty
I have a teaching experience of more than 4 years by now in diverse subjects like History,Geography,Political Science,Sociology,Business Enterprise,Economics,Environmental Management etc.I teach students from classes 9-12 and undergraduate students.I boards I handle are IB,IGCSE, state boards,ICSE, CBSE.I am passionate about teaching.Full satisfaction of the students is my main goal.
I have completed my graduation and master's in history from Jadavpur University Kolkata,India in 2012 and I have completed my B.Ed from the same University in 2013. I have taught in a reputed school of Kolkata (subjects-History,Geography,Civics,Political Science) from 2014-2016.I worked as a guest lecturer of history in a college of Kolkata for 2 years teaching students of 1st ,2nd and 3rd year. I taught Ancient and Modern Indian history there.I have taught in another school in Mohali,Punjab teaching students from classes 9-12.Presently I am working as an online tutor with concept tutors,Bangalore,India(Carve Niche Pvt.Ltd.) for the last 1year and also have been appointed as an online history tutor by Course Hero(California,U.S) and Vidyalai.com(Chennai,India).
4.00+
2+ Reviews
10+ Question Solved
Related Book For
Cost Accounting A Managerial Emphasis
ISBN: 978-0136126638
13th Edition
Authors: Charles T. Horngren, Srikant M.Dater, George Foster, Madhav
Question Posted:
Students also viewed these Cost Accounting questions
-
What is a major advantage of the Wilcoxon signed-ranks test over the sign test when analyzing data consisting of matched pairs?
-
Why does the "Transferred Out" section of the FIFO method cost of production report include multiple computations, whereas the same section for the weighted average report only includes one...
-
Barley Corporation used the FIFO method for inventory valuation when it began operations because this reflected the true physical flow of inventory. Its inventory under FIFO is valued at $375,000 at...
-
Prepare a set of profile leveling notes for the data listed and show the page check. All data is given in feet. The elevation of BM A is 1364.58, and the elevation of BM B is 1349.26. Rod readings...
-
An X-ray photon with ( = 0.6500 nm scatters from an electron. The wavelength of the scattered photon is 0.6510 nm. (a) Is the scattering angle in this case greater than, less than, or equal to 152?...
-
A flow of 0.2 kg/s liquid water at 80C is sprayed into a chamber together with 16 kg/s dry air at 60C. All the water evaporates, and the air leaves at 40C. What is the exit relative humidity and the...
-
Based on Beades interest rate expectations, the pension plans funding ratio will: A. decrease. B. remain unchanged. C. increase. Megan Beade and Hanna Mller are senior analysts for a large,...
-
The quarterly sales data (number of copies sold) for a college textbook over the past three years follow: a. Construct a time series plot. What type of pattern exists in the data? b. Use a regression...
-
How many different ways can four Presidents and Vice Presidents stand in a line for a picture if: a) There are no restrictions? b) Every President and Vice President must stand together? c) There...
-
Explain why correctly owning assets is important to the personal finances of people, especially couples.
-
Why should the FIFO method be called a modified or department FIFO method?
-
Identify the main difference between journal entries in process costing and job costing?
-
The comparative balance sheet of Oak and Tile Flooring Co. for June 30, 2008 and 2007 is as follows: The income statement for the year ended June 30, 2008, is as follows: The following additional...
-
Referring to the "Standards of Ethical Behavior for Practitioners of Management Accounting and Financial Management", which of the preceding items ( a-c ) are acceptable to use? Which are...
-
You work at a law firm, and you have been instructed by your supervising attorney to determine if the firm's client, Peterson, would be able to file and win a lawsuit against Electric General...
-
QUESSTIONS Identify the management, organization, and technology factors responsible for the success of the Lions app. What lessons can businesses take from the Lions' use of data analytics in this...
-
What is organizational behaviour? What are the factors influencing it ?
-
When thinking about organizational effectiveness, some important factors must be considered. Criminal justice administrators are constantly looking for objective criteria to offset the effect of...
-
What did Fayol add to scientific management?
-
Highland Theatre is owned by Finnean Ferguson. At June 30, 2014, the ledger showed the following: Cash, $6,000; Land, $100,000; Buildings, $80,000; Equipment, $25,000; Accounts Payable, $5,000;...
-
Sketch the propene molecule, CH 3 CH CH 2 . Indicate the bond angles in this molecule. What is the maximum number of atoms that can be in the same plane?
-
All of the following are accurate regarding the treatment of normal or abnormal spoilage by a firm with the exception of a. Abnormal spoilage is excluded in the standard cost of a manufactured...
-
Normal spoilage rate is computed by dividing the units of normal spoilage by total actual units started in production. Do you agree? Explain.
-
The inspection point is key to the allocation of spoilage costs. Do you agree? Explain.
-
A 100,000.00 mortgage has a 25-year amortization, at 3% interest compounded annually with a monthly mortgage payment. a. How much are the monthly mortgage payments? (2 points) b. After 5 years (60...
-
What is a mathematical formula to calculate Inventory as a Percentage of Total Inventory?
-
In a business setting, daily incidental expenses are managed through petty cash. According to accounting principles, where should petty cash disbursements for these expenses be recorded on a daily...
Study smarter with the SolutionInn App