Explain lifo and fifo inventory methods

Assignment Help Science
Reference no: EM133032262

Review the last-in, first-out (LIFO) and first-in, first-out (FIFO) inventory methods discussed in Ch. 6, "Reporting and Analyzing Inventory" of Accounting.

1. Explain LIFO and FIFO inventory methods.

2. Provide 1 example of a business that uses LIFO and 1 example of a business that uses FIFO.

3. Explain why the businesses you identified might use a particular inventory method.

Reference no: EM133032262

Questions Cloud

Unique opportunity for expression and creativity : While components such as plot, staging, theme, and setting are valuable, the characters offer a unique opportunity for expression and creativity.
What is the break-even point in unit sales : Question - Fox ltd. sells electronic items for a selling price per unit of $30, the contribution margin ratio is 40%. What is the break-even point in unit sales
Rns and aprns to actively participate in policy review : Write an explanation of at least two opportunities that currently exist for RNs and APRNs to actively participate in policy review.
What is the amount of Dan capital gain : On December 31, 2020, Dan sold his interest in D & P Enterprise to Joanne for $16,000. What is the amount of Dan's capital gain (loss)
Explain lifo and fifo inventory methods : Explain LIFO and FIFO inventory methods. Explain why the businesses you identified might use a particular inventory method.
Introduction to financial statements : Describe the following 3 types of business organizations: sole proprietorships, partnerships, and corporations.
MIS202 App, Web Design and Development Assignment : MIS202 App, Web Design and Development Assignment Help and Solution, Torrens University Australia - Assessment Writing Service
What is the return on his investment : Ajay bought an equity share whose face value is Rs.10 for Rs.250 and earned 50% dividend in year 1, What is the return on his investment
Information technology to affect domestic or foreign policy : Pick an example of when the government used information technology to affect domestic or foreign policy.

Reviews

Write a Review

Science Questions & Answers

  Explain and exemplify the dynamic nature of the news

Explain and exemplify the dynamic nature of the news.Identify and explain two perspectives on the news. Explain and exemplify the main story formulas utilized in the news.Discuss how someone qualifies to be a journalist.Identify and explain three cri..

  How do different assumptions about human nature

How do their different assumptions about human nature and the state of nature inform their theories? How does this result in different conceptions of civil

  Advantages gained by adopting emr

advantages gained by adopting EMR

  Organizational skills

Think about the skills you have gained through coursework, personal experiences, and previous employment that will help you be effective in organizations

  Human pathophysiology issues

What medications are likely to have been used? Describe the mechanisms of actions of at least two antihypertensive drugs.

  Compare two branches of christianity

This assignment offers you the opportunity to compare two branches of Christianity.

  How much heat is transferred through the walls on that day

How much heat is transferred through the walls on that day, The room is 20 feet long and 20 feet wide with walls that are 10 ft high

  Rotation periods of kuiper belt objects

An amateur astronomer suggests using the radar ranging technique to learn the rotation periods of Kuiper Belt Objects.

  Why does ice float when placed in water

Explain how medical magnetic resonance imaging (MRI) exploits the magnetic properties of the nucleus.

  It involves both biotic and abiotic factors

It is the study of organisms in relation to their environment. It involves both biotic and abiotic factors

  Clinical information and clinical decision support systems

you will examine the differences between the clinical information systems and clinical decision support systems.

  Why radical feminists challenged prevailing notion of power

In this society, power is commonly equated with domination, Explain why radical feminists challenged the prevailing notion of power.

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