Average-cost-fifo and lifo

Assignment Help Accounting Basics
Reference no: EM131051020

(Average-Cost, FIFO, and LIFO) Prepare a memorandum containing responses to the following items.

(a) Describe the cost flow assumptions used in average-cost, FIFO, and LIFO methods of inventory valuation.

(b) Distinguish between weighted-average-cost and moving-average-cost for inventory costing purposes.

(c) Identify the effects on both the balance sheet and the income statement of using the LIFO method instead of the FIFO method for inventory costing purposes over a substantial time period when purchase prices of inventoriable items are rising. State why these effects take place

Reference no: EM131051020

Questions Cloud

What will be your monthly payment : Suppose Capital One is advertising a 60-month, 5.18% APR mortorcycle loan. If you need to borrow $6000 to purchase your dream harley davidson, what will be your monthly payment?
Accept direct investments from individual investors : VC funds in the us generally do not accept direct investments from individual investors who are not already very wealthy even though many individuals would like to invest in VC. The reasons hey don’t accept such investments include1. Because investme..
Which paradigm do you agree with and why : Between moral relativism and moral universalism, which paradigm do you agree with and why? Give an example to support your thesis.
Market for health care insurance : Consider the market for health care insurance. If several health care insurers exit the market, how will this affect the market for health care insurance, ceteris paribus?
Average-cost-fifo and lifo : (Average-Cost, FIFO, and LIFO) Prepare a memorandum containing responses to the following items. (a) Describe the cost flow assumptions used in average-cost, FIFO, and LIFO methods of inventory valuation.
The interest was compounded semi-annually : Suppose you invest $101 in a bank account, and five years later it has grown to $138.64. What APR did you receive, if the interest was compounded semi-annually? ___%. What APR did you receive if the interest was compounded monthly?
Can you say what happened to the overall price level : Can you say what happened to the overall "price level"?
Create multi-level work breakdown structure for your project : In this Assignment, you developed a project plan. Now, using the information from your project proposal, create a multi-level work breakdown structure (WBS) and detailed project schedule.
For sales promotion and local advertising : Bernie’s Bike Shop receives the following trade discounts: 35/25/15. The vendor’s price list indicates that 35 percent off list price is for purchasing bikes in quantities of 100 or more, 25 percent off list price is for assembling the bikes for cust..

Reviews

Write a Review

Accounting Basics Questions & Answers

  Expected rate of return

What is the stock's expected rate of return?Should you make the investment if your required rate of return is 14 percent?Why preferred stock is often said as a hybrid security? Explain the characteristics of preferred stock compared with common stock..

  Effective-interest method of amortization

Assuming that interest is computed annually, at what carrying value should the total liability for these bonds be reported two years later on December 31, 2012, if the effective-interest method of amortization is used?

  On january 1 2010 alsip corp acquired 30 percent 13000

on january 1 2010 alsip corp. acquired 30 percent 13000 shares of stone services inc. common stock for 1300000 as a

  Pondering the figures blalock was ready to decide to make

your roommate jill blalock purchased a new portable dvd player just before this school term for 80. shortly after the

  Variable overhead spending and efficiency variances

The budgeted variable manufacturing overhead rate is $4 per direct labor-hour. During July, the company incurred $39,100 in variable manufacturing overhead cost. Compute the variable overhead spending and efficiency variances for the month.

  Discuss the risks faced by the firm

Discuss the risks faced by the firm

  What is the balance in the investment

What is the balance in the Investment in Harrison account found in the financial records of Puckett as of December 31?

  Compute the net present value of each project

Compute the net present value of each project - which project should be adopted based on the net present value approach?

  To provide a basis for selection the cost accounting

micro technology is considering two alternative proposals for modernizing its production facilities. to provide a basis

  Spalding corporation has offered to sell 5000 units of the

birchcompany manufactures a part for its production cycle. thecosts per unit for 5000 units of this part are

  Case study of roosevelt company

On January 1, 2009, Roosevelt Company purchased 12% bonds, having a maturity value of $506,000.00, for $524,700.75. The bonds provide the bondholders with a 11% yield.

  Determining four accounting regulatory bodies

Examine at least four accounting regulatory bodies. Discuss how an organization complies with the standards of the regulatory bodies you selected.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd