State an advantage and a disadvantage of LIFO.
Question:
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 40% (10 reviews)
Advantage x LIFO produces a cost of goods sold amount closest to current replacement cost rega...View the full answer
Answered By
Sheikh Muhammad Ibrahim
During the course of my study, I have worked as a private tutor. I have taught Maths and Physics to O'Level and A'Level students, as well as I have also taught basic engineering courses to my juniors in the university. Engineering intrigues me alot because it a world full of ideas. I have passionately taught students and this made me learn alot. Teaching algebra and basic calculus, from the very basics of it made me very patient. Therefore, I know many tricks to make your work easier for you. I believe that every student has a potential to work himself. I am just here to polish your skills. I am a bright student in my university. My juniors are always happy from me because I help in their assignments and they are never late.
4.90+
14+ Reviews
24+ Question Solved
Related Book For
College Accounting
ISBN: 978-1111528126
11th edition
Authors: Tracie Nobles, Cathy Scott, Douglas McQuaig, Patricia Bille
Question Posted:
Students also viewed these Accounting questions
-
What are an advantage and a disadvantage of using only the sample mean to estimate the population mean?
-
Describe an advantage and a disadvantage of the fact that monetary policy has so many different channels through which it can operate.
-
Explain to an executor an advantage and a disadvantage of electing the alternate valuation date.
-
Chiz enterprise reports its gross sales/receipts during the quarter as follows: Sale of computers Gross receipts - computer repairs Sales returns and allowances Sales discounts for early payments...
-
Consider the quarterly data below: a. Use intuition and judgment to estimate quarterly demand for the fourth year. b. Now use a three-period moving average to forecast year 4. Are any of the...
-
On April 1, 2019, Prince Company assigns $500,000 of its accounts receivable to the Hibernia Bank as collateral for a $300,000 loan due July 1, 2019. The assignment agreement calls for Prince Company...
-
Figure 16.20 shows a system designed to recover argon from the purge stream in an ammonia synthesis plant. Estimate the total bare-module cost associated with the addition of this argon recovery...
-
Helen, age 17, wanted to buy a Harley-Davidson Sportster motorcycle. She did not have the funds to pay cash but persuaded the dealer to sell the cycle to her on credit. The dealer did so partly...
-
What might be challenges for public administrators in orchestrating ethical performances when working with individual ethics inside and outside the organization?
-
Five years ago, Bridget decided to purchase a limited partnership interest in a fast-food restaurant conveniently located near the campus of Southeast State University. The general partner of the...
-
Which inventory methods are the same whether the perpetual or periodic inventory system is used? How do the other two methods differ when the perpetual inventory system is used?
-
Condensed income statements for Saunder Company for two years are presented here. After the end of 2012, it was discovered that an error had been made in 2011. Ending inventory in 2011 should have...
-
The April 21, 2008, issue of the Wall Street Journal Online included an article by David Reilly entitled A Way Charges Stay off Bottom Line. Instructions Read the article and answer the following...
-
Why need to calculate the Book value for Calculation of the Incremental Free Cash Flow? Explain briefly
-
What do users need to know about the accounting equation for a business?
-
What is test of control for recording revenue when goods have not been shipped or services have not been performed.
-
Why are Religious organizations are not discussed in not-for-profit accounting?
-
What is the difference between traditional and activity-based product margins are primarily caused by a company's unit-level activities.?
-
Determine the composition, relative amounts, and phases present at point C on Figure 25.7. Temperature (C) 1900 1800 1700 1600- 1500 1455 C 1400 1300 1200 1100 1000 900 800 700 C Nickel alloy solid...
-
The manager for retail customers, Katie White, wants to hear your opinion regarding one business offer she has received from an entrepreneur who is starting a mobile phone app called Easy Money. The...
-
The purchases and sales of Big Flower Pty Ltd of one brand of lawn fertiliser for the year ended 31 December 2019 are contained in the schedule below. The selling price up to 30 June was $12 per unit...
-
Use transaction analysis charts to analyze the following adjustments: a. Depreciation on equipment, $700. b. Rent expired, $300.
-
Use transaction analysis charts to analyze the following adjustments: a. Depreciation on equipment, $700. b. Rent expired, $300.
-
From the following adjustment data, calculate the adjustment amount and record appropriate debits or credits: Data Table a. Supplies purchased, $900. Supplies on hand, $150. b. Office equipment,...
-
GDP exceeds NDP by an amount equal to? Explain
-
A not-for-profit hospital reported in 2021 income statement: Revenue 150m Expenses 110m Net Income 40m On their 2021 Statement of Changes in Net Assets they reported: Beginning Net Assets of 110m...
-
Various cost accounting methods record, classify, analyze, and evaluate alternative courses of action used to control costs. The chief information security officer (CISO) uses these results to...
Study smarter with the SolutionInn App