Explain in which circumstances it would be appropriate to use the following cost-flow assumptions: a. Specific-identification assumption

Question:

Explain in which circumstances it would be appropriate to use the following cost-flow assumptions:

a. Specific-identification assumption

b. Weighted-average cost assumption

c. First-in, first-out (FIFO) assumption

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Financial Accounting

ISBN: 9781743767382

9th Edition

Authors: Craig Deegan

See More Books

Question Posted: Sep 15, 2023 01:12 PM

See More Questions

Brian Ltd starts selling footballs in 20X2. Although each ball looks the same, the unit cost of manufacture (which is done in batches) has fluctuated during the period. Details of the costs are as...
Brian Ltd starts selling footballs in 20X8. Although each ball looks the same, the unit cost of manufacture (which is done in batches) has fluctuated during the period. Details of the costs are as...
Over the past few years, officials in Florida and other states that rely primarily on deep wells for drinking water have become aware of a potentially serious problem-the pollution of aquifers by the...
An array is bitonic if it consists of an increasing sequence of keys followed immediately by a decreasing sequence of keys. Given a bitonic array, design a logarithmic algorithm to find the index of...
Suppose that there are exactly N identical firms in an industry, all with flat marginal cost curves. Industry demand is linear. How much does each firm produce, compared with the competitive...
For each of the following situations, write the null and alternative hypotheses in terms of parameter values. Example: We want to know if the proportion of up days in the stock market is 50%. Answer:...
Why is it important to have an adaptable workforce in a global economy?
Paula Boothe, president of the Armange Corporation, has mandated a minimum 10% return on investment for any project undertaken by the company. Given the company's decentralization, Paula leaves all...
Feather Friends, Incorporated, distributes a high-quality wooden birdhouse that sells for $120 per unit. Variable expenses are $60.00 per unit, and fixed expenses total $180,000 per year. Its...
f(x) = 2x + 3 and g(x) = -3x + 2. For the above function, use base point x0 = 1.0 and x = 0.1 to compute f and g. Find (fg) (the change in the product) by computing f(x0 + x)g(x0 + x) - f(x0)g(x0)....
Explain how it is possible for profits to be manipulated through the use of the specific-identification and LIFO inventory cost-flow assumptions.
Do you think that those in wealthier nations have an obligation to help those in poorer nations? If so why, and if not why not? If so, is it an obligation of individuals or of national aid agencies?
In Problem, suppose a company has its total cost for a product given by C(x) = 200x + 10,000 dollars and its total revenue given by R(x) = 250x - 0.01x 2 dollars, where x is the number of units...
How can the risk and the danger posed in carrying hazardous material on board be reduced?
Describe the 4 different types of Stablecoins and describe which one is best used for Digital Assets. Describe 3 Digital Currency examples of using Blockchain applications Describe 3 Securities...
The machine purchased May 1 for $300, 000 is being depreciated by the straight-line method over a period of five years. How should this be recorded on the unadjusted journal?
The Theodore has the following balances in these selected key accounts: Cash $8,000, Inventory $15,000, Prepaid Expenses $10,000, Total Current Assets of $40,000, Total Current Liabilities of...
Gold Sense, which uses time-driven activity-based costing, estimates that one minute of time uses $1.35 in resources, and it has developed the following time estimates for its activities: Activity...
Refer to the information in Problem. In Problem Required Prepare the cash flows from operating activities section only of the companys 2015 statement of cash flows using the direct method. SALT LAKE...
Rewrite Programming Exercise 7.5 using streams. Display the numbers in increasing order. Data from Programming Exercise 7.5 Write a program that reads in 10 numbers and displays the number of...
Assume that Timberline Consulting erroneously recorded the payment of $9,000 of dividends as a debit to Salary Expense. (a) How would this error affect the equality of the trial balance? (b) How...
Assume that Western Realty Co. borrowed $200,000 from Mountain First Bank and Trust. In recording the transaction, Western erroneously recorded the receipt as a debit to Cash, $200,000, and a credit...
Checking accounts are the most common form of deposits for banks. Assume that Village Storage has a checking account at Camino Savings Bank. What type of accounts (asset, liability, capital stock,...
Discussion questions: It is better to be a human being dissatisfied than a pig satisfied; better to be Socrates dissatisfied than a fool satisfied. 1. Do you agree? Why (not)? 2. What would a...
Describe how to make a strong magnet out of an initially unmagnetized iron rod without using the earth or another bar magnet. Include in your instructions the materials one would need, how one could...
subject to: Maximize the function f : R R given by f(x) = x1x2x3 X1x2x1x3 + x2x3 = 3

Explain in which circumstances it would be appropriate to use the following cost-flow assumptions: a. Specific-identification assumption

Question:

Step by Step Answer:

a Specificidentification is to be used when the inventory items are not ordinarily interch...View the full answer

Financial Accounting

Students also viewed these Business questions