Why should the FIFO method be called a modified or department FIFO method?
Question:
Why should the FIFO method be called a modified or department FIFO method?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 72% (11 reviews)
FIFO should be called a modified or departmental ...View the full answer
Answered By
Rinki Devi
Professional, Experienced, and Expert tutor who will provide speedy and to-the-point solutions.
Hi there! Are you looking for a committed, reliable, and enthusiastic tutor? Well, teaching and learning are more of a second nature to me, having been raised by parents who are both teachers. I have done plenty of studying and lots of learning on many exciting and challenging topics. All these experiences have influenced my decision to take on the teaching role in various capacities. As a tutor, I am looking forward to getting to understand your needs and helping you achieve your academic goals. I'm highly flexible and contactable. I am available to work on short notice since I only prefer to work with very small and select groups of students.
I have been teaching students for 5 years now in different subjects and it's truly been one of the most rewarding experiences of my life. I have also done one-to-one tutoring with 100+ students and helped them achieve great subject knowledge.
5.00+
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
-
Why does Porters Diamond need to be modified in explaining the international competitiveness of countries such as Canada and Mexico?
-
Should actual or budgeted service department costs be allocated? Why?
-
Why is the FIFO method preferred for calculating equivalent units and calculating unit costs?
-
Evenflow Power Co. is considering a new project that is a little riskier than the current operations of the company. Thus, management has decided to add an additional 1.5% to the company's overall...
-
An oxygen molecule (O2) vibrates with an energy identical to that of a single particle of mass m = 1.340 10-26 kg attached to a spring with a force constant of k = 1215 N / m. The energy levels of...
-
As water moves through the hydrologic cycle, water quality changes are common because of natural phenomena or anthropogenic pollution. Using Figure 11.1, describe how water-quality changes occur...
-
If \(x\) and \(y\) are statistically independent, then \(E[x y]=E[x] E[y]\). That is, the expected value of the product \(x y\) is equal to the product of the separate mean values. If \(z=x+y\),...
-
Selected transactions for Niles Co. during March of the current year are listed in Problem 5-1B. In Problem 5-1B. The following selected transactions were completed by Niles Co. during March of the...
-
QUESTION 3 1 b . On March 1 5 , Marcelo Corporation declares a dividend of $ 1 . 1 5 per share payable to stockholders of record on April 1 5 . Jewel Company received the dividend 1 a . On February 1...
-
Reconsider Prob. 253. Assuming a linear pressure increase during the compression, estimate the energy needed to compress the water isothermally. Data from Problem 53. A frictionless piston-cylinder...
-
Describe the distinctive characteristic of FIFO computations in assigning costs to units completed and to units in ending work in process.
-
Identify a major advantage of the FIFO method for purposes of planning and control.
-
Thompson Electronics, Inc., is presently 100 percent equity financed and has assets of $100 million. Thompsons present net income is $9 million, and the companys marginal and average tax rates are 40...
-
Garda World Security Corporation has the folowing shares, taken from the equity section of its balance sheet dated December 31, 2023 Preferred shares, $4.53 non-cumulative, s0,000 shares authorized...
-
What were the similarities in the analysis approaches of Classic Knitwear, Culinarian Cookware and Magellan Boat works?
-
A New York City daily newspaper called Manhattan Today charges an annual subscription fee of $108. Customers prepay their subscriptions and receive 300 issues over the year. To attract more...
-
How might a qualitative researcher determine an appropriate sample size, and how does this impact transferability? How might a researcher address issues of confidentiality in qualitative research?
-
Planning is considered the primary management function which serves as the foundation for organizing, influencing and controlling. Discuss three purposes and three advantages as well as three...
-
What are the three types of blood cells, and what is the function of each?
-
Archangel Corporation prepared the following variance report. Instructions Fill in the appropriate amounts or letters for the question marks in the report. ARCHANGEL CORPORATION Variance...
-
Lactic acid has the formula CH 3 CH(OH)COOH. Sketch the lactic acid molecule, and indicate the various bond angles.
-
Satiated Ninja produces a variety of items in accordance with special job orders from hospitals, plant cafeterias, and university dormitories. An order for 2,100 to-go boxes of uramaki costs 9 per...
-
Mason produces small machined parts. Mason uses a job-costing system. The nature of its process is such that management expects normal spoilage at a rate of 2% of good parts. Data for last quarter...
-
Which of the following is a TRUE statement regarding the treatment of scrap by a firm? a. Scrap is always allocated to a specific job. b. Scrap is separated between normal and abnormal scrap. c. When...
-
What are the unique challenges and opportunities associated with virtual teams and remote collaboration, and how can technology, communication tools, and best practices be leveraged to overcome...
-
Critically reflect - How have the IoT and Big Data changed the way you do business? How has it changed the way your organization does business? consider it Saudia Airlines company supported with...
-
Data on the three models and selected costs follow. Year 1 Units produced and sold Red 6,000 Yellow 11,000 Green 21,000 Total 38,000 Sales price per unit $ 160 $ 130 $ 60 Direct materials cost per...
Study smarter with the SolutionInn App