firm have? A= $97‚118 3.2 Inventory accounting: Differentiate between FIFO and LIFO. A= FIFO stands for First In‚ First Out‚ which means the goods that are unsold are the ones that were most recently added to the inventory. Conversely‚ LIFO is Last In‚ First Out‚ which means goods most recently added to the inventory are sold first so the unsold goods are ones that were added to the inventory the earliest. LIFO accounting is not permitted by the IFRS standards so it is less popular. It does‚
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Life Orientation training (LIFO) helps me identify my development targets and understand how they affects my work productivity. From LIFO workbook‚ it appears that my top priority development targets are confirming‚ capitalizing‚ moderating‚ and supplementing and extending. From the result of LIFO survey‚ I become able to know my most preferred (MP)‚ least preferred (LP)‚ and back-up (BU) styles. These styles classified into two main categories of favorable conditions and unfavorable conditions.
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1. The final exam will be held from 9:30 to 11:30 am on Wednesday‚ October 19 in EX 200 (255 McCaul). 2. It is a closed book and closed note exam. No aid sheet is allowed. You will need a calculator‚ but no other electronic devices will be allowed during the exam. 3. The exam covers materials in classes 1 through 11 inclusive (i.e.‚ topics 1 through 8)‚ with more emphasis on topics 3 through 8. It will have both problem-solving and essay-type questions. It is not going to be an easy exam
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Sales revenue: (167‚000 + 49‚400) – 50‚600 + 47‚120 = 212‚920 b. Purchase of goods: 146‚300 – 26‚160 + 33‚080 = 153‚280 c. COGS: 36‚600 + 153‚280 – 38‚920 = 150‚960 d. Gross margin: 212‚920 – 150‚960 = 61‚960 Question 23. FIFO: LIFO: March 300 units @ $13 = $ 3‚900 March 300 units @ $13 = $ 3‚900 June 300 “ @ $13 = 3‚900 June 600 “ @ $ 9 = 5‚400 300 “ @ $ 9 = 2‚700 October 500 “ @ $11 = 5‚500 October 400 “ @
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The authors expose the myth of American meritocracy by informing us of all the ways that we maybe never paid attention to‚ such as how many black leaders there are in the sports arena’s such as coaches. They also expose the racial realist to the point that everything is not race based. Racial hierarchies are shown in ways that show us that American meritocracy is a myth by where blacks live. If blacks live in white neighborhoods how some would feel uncomfortable‚ or would even move out of the
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InvUnit 8 Overview Inventories - Part 1 This unit covers Chapter 6 which includes an overview of the controls needed for inventories‚ explanation of the three inventory cost flow assumptions (FIFO‚ LIFO and Average Cost methods) and using these inventory costing methods under a perpetual inventory system Chapter 6: "Inventories" Chapter 6: "Inventories" describes how companies maintain control over their inventories and account for the inventory costs as inventories are purchased and sold.
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What industry are the companies in? Nike; one of the most well known companies across the globe today is most known for being the world’s #1 shoemaker. They design and sell shoes for a variety of sports including baseball‚ golf‚ tennis and football. Nike also sells dress and casual shoes as well as athletic apparel and equipment for almost every sport imaginable. In addition Nike also operates NIKETOWN shoe and sportswear stores‚ factory outlets along with Nike women shops. One of Nike’s biggest
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most recent costs to cost of goods sold is a. FIFO b. LIFO c. Average d. specific identification 12. Inventory costing methods place primary emphasis on assumptions about a. flow of goods b. flow of costs c. flow of goods or flow of costs depending on the method d. neither flow or goods or flow of costs 13. The inventory costing method that reports the most current prices in ending inventory is a. FIFO b. Specific identification c. LIFO d. Average cost The following lots of a particular commodity
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ACCT 201 Final Exam Answers http://www.homeworkwarehouse.com/downloads/acct-201-final-exam-answers/ ACCT 201 Final Exam Answers 1. The term “double taxation” refers to which of the following: A. A sole proprietorship must pay income taxes on its net income and the owner is also required to pay income taxes on withdrawals. B. In a partnership‚ both partners are required to claim their share of net income on their tax returns. C. Corporations must pay income taxes on their net income‚ and their
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open circuit conditions. Tri-state logic has a third line called enable line. What happens when HLT instruction is executed in processor? The Micro Processor enters into Halt-State and the buses are tri-stated. Which Stack is used in 8085? LIFO (Last In First Out) stack is used in 8085.In this type of Stack the last stored information can be retrieved first What is Program counter?Microprocessor Interview Questions and Answers What is a Microprocessor? Microprocessor is a program-controlled
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