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Question: You work for a refinery company. During the year, the price of a barrel of oil increased from $40 to $50. The cost of the inventory of oil at the beginning of the year is $40 or less per barrel.
Suppose you are the purchasing manager of the refinery company. Your performance evaluation is based on the gross margin on the oil products produced and sold during the year. On the last day of the year, you are contemplating the purchase of additional oil at $50 per barrel. Are you more likely to purchase additional oil if the company uses the FIFO or LIFO method for its inventories? Briefly explain.
Suppose you are the CFO of the refinery company. Your primary objective is to minimize the present value of future income tax outflows. Are you more likely to want the purchase of additional oil if the company uses the FIFO or LIFO method for its inventories? Briefly explain.
identify the categories of debt and equity securities and describe the accounting and reporting treatment for each
charles austin of the controllers office of thompson corporation was given the assignment of determining the basic and
Both wages are reasonable for the work they perform. How much FICA tax must the sole proprietorship pay on the wages
A company reports its 2007 cost of goods sold at $15.0 million. Its ending inventory for 2007 is $1.6 million and for 2006, ending inventory was $1.2 million. How much inventory did the company purchase during 2006?
Complete the following table by indicating whether a debit or credit is used to increase or decrease the balance of the following accounts. The appropriate debit/credit terminology has been identified for the first account as an example.
what changes should be made, why and will they actually be made ever, As we know accounting rules are slow to change yet in this very electronic era
Prepare the entry to distribute the labor cost if the job worked on during overtime was a rush order, the contract price of which included the overtime premium
Contact a systems analyst at your university to study the E-R model of any information system. Attempt to understand entities, attri- butes, and relationships in the model. Is the notation the same as described in the text?
Firm M has a margin of 9%, turnover of 1.6, sales of $800,000, and average stockholders' equity of $360,000.
Barrett's fashion forecasts sales of 125,000 for the quarter ended december 31 Its gross profit reate is 20% of sales and its september 30inventory is 32,500 If the december 31 inventory is targeted at 41,500 budgeted purchases for the fourth quar..
Depreciation expense-equipment
Determine the dividends per share for preferred and common stock for each year. Round all answers to two decimal places
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