Describe costing inventory using last-in, first-out. Address the different treatment, if any, that must be given for
Question:
Describe costing inventory using last-in, first-out. Address the different treatment, if any, that must be given for periodic and perpetual inventory updating.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 30% (10 reviews)
Periodic inventory is updated by moving the last inventory item to ...View the full answer
Answered By
James Warinda
Hi! I’m James Otieno and I'm an experienced professional online tutor with countless hours of success in tutoring many subjects in different disciplines. Specifically, I have handled general management and general business as a tutor in Chegg, Help in Homework and Trans tutor accounts.
I believe that my experience has made me the perfect tutor for students of all ages, so I'm confident I can help you too with finding the solution to your problems. In addition, my approach is compatible with most educational methods and philosophies which means it will be easy for you to find a way in which we can work on things together. In addition, my long experience in the educational field has allowed me to develop a unique approach that is both productive and enjoyable.
I have tutored in course hero for quite some time and was among the top tutors awarded having high helpful rates and reviews. In addition, I have also been lucky enough to be nominated a finalist for the 2nd annual course hero award and the best tutor of the month in may 2022.
I will make sure that any student of yours will have an amazing time at learning with me, because I really care about helping people achieve their goals so if you don't have any worries or concerns whatsoever you should place your trust on me and let me help you get every single thing that you're looking for and more.
In my experience, I have observed that students tend to reach their potential in academics very easily when they are tutored by someone who is extremely dedicated to their academic career not just as a businessman but as a human being in general.
I have successfully tutored many students from different grades and from all sorts of backgrounds, so I'm confident I can help anyone find the solution to their problems and achieve
0.00
0 Reviews
10+ Question Solved
Related Book For
Principles Of Accounting Volume 1 Financial Accounting
ISBN: 9781593995942
1st Edition
Authors: Mitchell Franklin, Patty Graybeal, Dixon Cooper, OpenStax
Question Posted:
Students also viewed these Business questions
-
Describe costing inventory using first-in, first-out. Address the different treatment, if any, that must be given for periodic and perpetual inventory updating.
-
Describe costing inventory using weighted average. Address the different treatment, if any, that must be given for periodic and perpetual inventory updating.
-
Consider a dynamic RAM that must be given a refresh cycle 64 times per ms. Each refresh operation requires 150 ns; a memory cycle requires 250 ns. What percentage of the memory's total operating time...
-
In 2017, Barlow moved from Chicago to Miami to start a new job, incurring costs of $1,200 to move household goods and $2,500 in temporary living expenses. Barlow was not reimbursed for any of these...
-
According to the U.S. Census Bureau (www.census.gov), nominal income for the typical family of four in the United States (median income) was $24,332 in 1980, $32,777 in 1985, $41,451 in 1990, and...
-
True or false? a. Sensitivity analysis can be used to identify the variables most crucial to a project's success. b. Sensitivity analysis is used to obtain expected, optimistic, and pessimistic...
-
I want sales representatives who can stand on their own. Once they have been through training and show how to apply their knowledge, it shouldnt be necessary for me to constantly tell them how they...
-
Iris Kroneman approaches you with the following information (a) She resides in a province with a 5% corporate tax rate (i.e., a total tax rate of 16%) where she owns and operates an incorporated...
-
Insight Bank has a $ 14 million position in a ten-year, zero-coupon bond with a face value of $17 000 000. The bond is trading at a yield to maturity of 6.7 per cent. The historical mean change in...
-
The purpose of this assignment is to analyze how businesses interact with their internal and external environments. Students will also apply their knowledge of decision-making models, technology and...
-
When inventory items are highly specialized, the best inventory costing method is ________. A. Specific identification B. First-in, first-out C. Last-in, first-out D. Weighted average
-
Which inventory costing method is almost always done on a perpetual basis? A. Specific identification B. First-in, first-out C. Last-in, first-out D. Weighted average
-
Defeated in his most recent attempt to win a congressional seat because of a sizeable gender gap, a politician has spent the last two years speaking out in favor of women's rights issues. A newly...
-
Intangible Assets are not always Fictitious Assets. Illustrate.
-
What do you mean by fictitious assets? Give example.
-
State the provisions of the Companies Act, 1956 regarding declaration and payment of interim dividend. What would be the duty of an auditor in connection with such a dividend?
-
What is interim dividend? When the question of interim dividend arises?
-
5 How are the first auditors of a limited company appointed?
-
Peninsula Industries and Seaport Company, a 90 percent owned subsidiary, engage in extensive intercompany transactions involving raw materials, component parts, and completed products. Peninsula...
-
Air pollution generated by a steel mill is an example of a) a positive production externality. b) a negative production externality. c) a public good. d) the free-rider problem. State and local taxes...
-
Under what circumstances can prepaid expenses be deducted in the year of payment by a taxpayer using the cash method of accounting?
-
Under what circumstances would a taxpayer use both the cash method and the accrual method of accounting at the same time?
-
The timing of when the economic performance test is satisfied depends on the type of transaction and whether the transaction is recurring. a. When does economic performance occur for a taxpayer who...
-
Prepare a matrix of the types of banks (1. Commercial, 2. Thrift,3. Rural, and 4. Cooperative) with their functions, advantages, and limitations.
-
Your favorite bank is offering to lend $10,000 to you with the agreement to make monthly payment of $250 over 4 years. What is the effective annual rate the bank is charging you? If you agree to...
-
A 30-year ARM with 2 points ($100,000 note amount) is offered with an initial interest rate of 3.75% based on the 1-year Treasury Index that is currently at 6.57. The margin is 225 bp, and the...
Study smarter with the SolutionInn App