IN THE YEARS 1990-2013 THERE WAS IMMENSE PROTEST TO REVOKE LIFO. LIFO HAS WITHSTOOD POTENTIAL REVOCATION...

  

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IN THE YEARS 1990-2013 THERE WAS IMMENSE PROTEST TO REVOKE LIFO. LIFO HAS WITHSTOOD POTENTIAL REVOCATION DURING THIS TIME Q-WHY WAS LIFO ATTACKED AS AN ACCcOUNTING METHODWHICH HAD ANY LEGITIMACY BY THE US CONGRESS? Q-WHAT IS YOUR FURURE OUTLOOK OF LIFO? Q-WIH INDUSTRIES BENEFIT FROM LIFO? • CORP X HAD BEGINNIING INVENTORY OF 200 UNITS.WHICH HAD AN $8 PER UNIT PURCHASE PRICE IT PURCHASED THE FOLLOWING DURING THE YEAR: JULY I- 1,000 UNITS AT. $9 DECEMBER 3-PURCHASED 100 UNITS AT. $10 CORP X SOLD 1,000 UNITS AT. $12 PER UNIT AN INVENTORY COUNT AT YEAR END REVEALLED 290 UNITS ON HAND. THE EMDING INVENTORY HAS A SALES PRICE AMOUNT OF $ 10 PER UNIT AND SELLING COSTS PER UNIT IS ESTIAMTED TO BE 10% OF SALES PRICE IN THE YEARS 1990-2013 THERE WAS IMMENSE PROTEST TO REVOKE LIFO. LIFO HAS WITHSTOOD POTENTIAL REVOCATION DURING THIS TIME Q-WHY WAS LIFO ATTACKED AS AN ACCcOUNTING METHODWHICH HAD ANY LEGITIMACY BY THE US CONGRESS? Q-WHAT IS YOUR FURURE OUTLOOK OF LIFO? Q-WIH INDUSTRIES BENEFIT FROM LIFO? • CORP X HAD BEGINNIING INVENTORY OF 200 UNITS.WHICH HAD AN $8 PER UNIT PURCHASE PRICE IT PURCHASED THE FOLLOWING DURING THE YEAR: JULY I- 1,000 UNITS AT. $9 DECEMBER 3-PURCHASED 100 UNITS AT. $10 CORP X SOLD 1,000 UNITS AT. $12 PER UNIT AN INVENTORY COUNT AT YEAR END REVEALLED 290 UNITS ON HAND. THE EMDING INVENTORY HAS A SALES PRICE AMOUNT OF $ 10 PER UNIT AND SELLING COSTS PER UNIT IS ESTIAMTED TO BE 10% OF SALES PRICE

Answer rating: 100% (QA)

NOTE Second portion only gives transaction details of Corp X but nothing is mentioned as to what is required to be done hence same has not been answer... View the full answer