Staying with LIFO would help the company with a better cash flow and profit margin.” I would keep the rest of the paragraph the same. In the third paragraph I would change the P& L to say profit and loss statement. I would then change both the FIFO and LIFO bullet points to be in two correct sentences instead of bullet points. The way that the two bullets are typed in the current memo is not correct. The equals sign is not proper. The semicolon in each bullet point is not properly used‚ either
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U. S. Generally Accepted Accounting Principles (U. S. GAAP) and International Financial Reporting Standards (IFRS) There are numerous companies that use different types of accounting standards or rules. International Financial Reporting Standards (IFRS) and U.S. Generally Accepted Accounting Principles the most popularly used by companies. IFRS is a set of accounting standards that provides a global framework for how public companies prepare and disclose their financial statements. The U.S. Generally
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Ada M. Tickle Week 3 ACC/545 Jamona Corporation Scenario 1 Journal Entries Dates Accounts Debit Credit 1 Jan 2006 Available for sale securities 322‚744.44 Cash 322‚744.44 31 Dec 2006 Cash 36‚000 Available for sale securities 3‚725.56 Interest Revenue ($3222.744.44 X .10) 32‚274.44 31 Dec 2006 Securities Fair Value Adjustment (available for sale) 1‚481.12 Unrealized Holding Gain or Loss Equity (320‚500.00 – 319‚018.88) 1‚481
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It has many taboos in their culture ranging from taboos to avoid accidents to taboos on cleanliness. There are a couple involving religion. The first one is A ko gbodo la Bibeli mole; ki ori fifo ma ba a pa eni naa in translation means the Bible must not be dropped on the ground so that headache will not kill the person. The Bible is a sacred book of Christians which must be handled with care to avoid being dropped to the ground. This taboo
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Definition of ‘Economic Order Quantity – EOQ’. Retrieved from http://www.investopedia.com/terms/e/economicorderquantity.asp#axzz221TVQVu2 Scribd.com. (2012). The advantages and disadvantages of FIFO method. Retrieved September 16‚ 2012 from http://www.scribd.com/doc/25162137/The-Advantages-and-Disadvantages-of-FIFO-Mehtod {sic}
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accounts the inventory GL code are the same‚ this will make the accounting less complex. The POS module system transmits data from the cash register to inventory report by calculating the cost of goods sold and calculating merchandise inventory using the FIFO method (Kudler Fine Foods‚
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ADM 3346A COST ACCOUNTING Solution Fall 2010 Midterm Examination STUDENT NAME: _________________________________________________ STUDENT NUMBER: ________________________________________________ 90 minutes INSTRUCTIONS 1. 2. 3. 4. Books and notes are not permitted‚ except language dictionaries. Non programmable calculators are permitted. Put all answers in the question booklet Questions concerning possible errors in the exam only will be answered. Questions Max Points
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physical inventory count by using the gross profit percentage and the retail inventory method. The retail inventory method converts retail prices to cost. The different versions of the retail method are last in first out (LIFO) and first in first out (FIFO) and returns slightly different results. It is important for investors to understand the estimation method because the net income differs. Companies conduct physical inventory counts to record shortages‚ as a result of theft or breakage. Criteria
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Chapter 4 Systems Design: Process Costing Solutions to Questions 4-1 A process costing system should be used in situations where a homogeneous product is produced on a continuous basis. ished goods) during the period plus the equivalent units in the department’s ending work in process inventory. 4-2 1. Job-order costing and process costing have the same basic purposes—to assign materials‚ labor‚ and overhead cost to products and to provide a mechanism for computing unit product costs. 2. Both systems
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1. (TCO A) Direct material cost is a part of: (Points : 6) Conversion Cost YES.... Prime Cost NO Conversion Cost NO.... Prime Cost YES Conversion Cost YES.... Prime Cost YES Conversion Cost NO.... Prime Cost NO | | 2. (TCO A) The costs of staffing and operating the accounting department at Central Hospital would be considered by the Department of Surgery to be: (Points : 6) direct costs. sunk costs. incremental costs. None of
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