User Account

All Pages

Find the LIFO effect

Assignment Help Accounting Basics
Reference no: EM132579561

Question - Sweet Treats is considering a change in its inventory valuation method. Sweet Treats currently uses the FIFO method and is considering a change to the LIFO method. Sweet Treats started the year on January 1 with inventory at a FIFO cost of $35,000 and a LIFO cost of $26,750. The ending inventory on December 31 is $29,980 at FIFO cost and $25,810 at LIFO cost. Cost of goods sold under the LIFO basis is $74,600 for the current year. Find the LIFO effect?

a. $8,250

b. $4,170

c. $12,420

d. $4,080

Reference no: EM132579561

Questions Cloud

Find how many extra days of credit can company y receive : What is the effective annual rate of interest if Y pays on the due date rather than day 15? (Use 365 days in a year. Do not round intermediate calculations.)
How to calculate the direct materials quantity variance : How to Calculate the direct materials quantity variance. Calculate the direct labor efficiency variance. Calculate the direct labor rate variance.
What is the ending inventory at cost : Beginning inventory (at cost) $30,000 and Purchases (at retail) $107,000. What is the ending inventory at cost using the conventional retail method
How to make a schedule of cost of goods sold for the month : How to Make a schedule of cost of goods sold for the month. Assume the underapplied or overapplied overhead is closed to Cost of Goods Sold.
Find the LIFO effect : The ending inventory on December 31 is $29,980 at FIFO cost and $25,810 at LIFO cost. Find the LIFO effect
Briefly state and name the countries and organizations : Briefly state and name the countries and organizations identified as the targeted victims?-need 2 replies 100 words each
What amount of inventory should Beck Company report : Beck Company also has consigned goods of $73,000 awaiting sale with Meyer Company. What amount of inventory should Beck Company report
What selling price per unit would have established for job : If Moody uses a markup percentage of 120% of its total manufacturing cost, then what selling price per unit would it have established for Job 400?
What amount should be shown in Valley balance sheet : What amount should be shown in Valley's December 31, 2018, balance sheet as "Cash and cash equivalents"

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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