of ending inventory and the cost of merchandise sold using FIFO‚ LIFO‚ and average cost. 3. What is the cost of merchandise available for sale? 4. Know the effect on cost of ending inventory and cost of merchandise sold when using FIFO‚ LIFO‚ and average cost when prices are increasing. Which one‚ FIFO or LIFO‚ gives the higher cost of merchandise sold and which one the lower cost of merchandise sold and why? Which one‚ FIFO or LIFO‚ gives the higher cost of ending inventory and which
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Chapter 3 Overview of Accounting Analysis 1 Preliminary Topics • Institutional Framework of Financial Reporting includes: (1) Income Statement‚ (2) Balance Sheet and (3) Cash Flow Statement. Balance Sheet analysis: Building Blocks of assets‚ liability‚ debt & equity. Equity=Assetsliability. Book value vs. market value of share. • Corporate financial report is prepared on accrual basis rather than cash basis. Accrual implies economic activities rather than true payment and receipts. • A Responsibility
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Network Performance & Quality of Service Project Effects of different router queuing policies on different types of data traffic using OPNET Prepared By Ayazuddin Khan 021-07-15988 Submitted To Dr. Rehan Inam Qureshi Faculty of Engineering‚ Science and Technology – Iqra University‚ Karachi Fall Semester‚ December 2012 Acknowledgements I thankfully and sincerely acknowledge to all respected teachers because I fully understand that this could not
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Question 2A) Weighted-Average Method of Process Costing‚ Assembly Department of nanotech pte ltd ‚ for June 20X9 flow of cost in June Physical Units Units to be accounted for Work in process‚ June 1 10‚000 Started (transferred) into production 160‚000 Total units 170‚000 Units accounted for Completed and transferred out 152‚000 Work in process‚ June 30 18‚000 Total units
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Revenue $35‚000-Cost of Goods $15‚000=$20‚000 Gross Profit c. ending inventory. $21‚800 (sunset)+ $31‚200 (earth)=$53‚000 (ending inventory) 2. Inventory valuation methods: basic computations. 3. Perpetual inventory system: journal entries. a. FIFO • 1/2/20X3 Purchases on account: 500 units @ $6 = $3‚000 Dr Merchandise Inventory 2‚000 Cr Accounts Payable 2‚000 • 1/15/20X3 Sales on account: 300 units @ $8.50 = $2‚550 Dr Accounts Receivable 2‚550 Cr Sales 2‚550 Dr Cost of Goods Sold 1
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Kernel Data Structures Umair Hussain Malik p10-6016 p106016@nu.edu.pk As with any large software project‚ the Linux kernel provides these generic data structures and primitives to encourage code reuse. Kernel developers should use these data structures whenever possible and not “roll your own” solutions. In the following sections‚ we cover the most useful of these generic data structures‚ which are the following: * Linked lists * Queues * Maps * Binary trees Linked Lists
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if the company had used FIFO to value its inventories c. Calculate inventory turnover for the year using the reported numbers. a. Whole Foods Market values their inventories at the lower of cost or market. They use the last-in‚ first-out (“LIFO”) method to determine the cost. It was used for approximately 93.6% and 94.0% of inventories in fiscal years 2009 and 2008‚ respectively. b. Cost of sales for the year under FIFO would have been: * COGS (FIFO) = COGS (LIFO) – change
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standards in Europe which demand ‘first-in first-out’ (FIFO) methodology for accounting inventory. Most US companies however produce based on ‘last-in first-out’ (LIFO) accounting. Shell’s current cost of supply (CCS)‚ however‚ are neither FIFO nor LIFO compliant. This means that Shell’s CCS figure are not recognized by US GAAP or IFRS. They are an industry measure only provided for in quarterly results for the benefit of investors. Instead of the FIFO method‚ Shell uses a weighted cost pricing methodology
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The University of Chicago Booth School of Business Financial Accounting 30000 Financial Statement Analysis Case Exxon vs. Shell: Understanding the effect of inventory valuation on Financial Statements Designed by: Valeri Nikolaev Objective: Understanding the effect of inventory valuation assumptions on financial statements. Assignment summary: You are taking the role of a security analyst who recently started following the Oil and Gas industry. The analyst has a task to draw a comparison
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CHAPTER 14: PROCESS COSTING AND THE COST ACCOUNTING CYCLE Multiple Choice c 1. ABC Company made the following journal entry. Work in Process Inventory $200‚000 Direct Labor $188‚000 Direct Labor Rate Variance 12‚000 From this entry we can tell that ABC uses a. job-order costing. b. process costing. c. standard costing. d. normal costing. d 2. CDE Company
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