Find which is not a characteristic of the fifo method

Assignment Help Accounting Basics
Reference no: EM132615029

Problem 1: Which of the following is not a characteristic of the FIFO method?

Option 1: simple and less detailed than the weighted average method

Option 2: can be used to assess cost control even when inventory levels are substantial

Option 3: separates beginning work in process inventory from the current period's units and costs

Option 4: cost per equivalent unit is specific to the current period

Reference no: EM132615029

Questions Cloud

Make general journal entries for the events : A customer paid your business $10,000 cash on 30/3/2020 to do some work in the future. Make general journal entries for the following events and transactions
State the company would have a favourable volume variance : State whether the company would have a favourable or unfavourable volume variance. (Select "None" if no volume variance apply for a particular company.)
What is the most likely reason for the difference in mean : Jason collects information about annual family income from each student at his college. What is the most likely reason for the difference in mean
What is the mass of 1 mole of copper atoms : A copper atom has a mass of 1.06 x 10^-22 g and a penny has a mass of 2.5 g.
Find which is not a characteristic of the fifo method : Find Which is not a characteristic of the FIFO method? separates beginning work in process inventory from the current period's units and costs
Prepare general journal entries with narrations : Question - Prepare general journal entries with narrations to record the following balance day adjustments as at 30 June 2018.
What is the formal charge : How many unpaired electrons should a tetrahederal iron(ii) complex have? What is the formal charge?
Derive conversion factor between english and metric units : Use this information to derive a conversion factor between the English and metric units.
Business plan and operations plan : Define the management team by drafting an organizational chart and a plan for hiring employees. Draft the key employee policies and a code of ethics.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Indicate the income statement equation

When accounting was developed in the 14th and 15th centuries, businesses had very short lives. For instance, a business might have been created.

  Record the purchase in general journal format

Determine the amount to be capitalized in an asset account for the purchase of the loader.

  Explain application of social contract to legitimacy theory

ACCT20074 Assessment - The social contract in accounting. Explain the relevance and application of the social contract to Legitimacy Theory in accounting

  How much cash was collected from credit customers

how much cash was collected from credit customers during the year? Prepare a journal entry to record cash collections

  How much of the net income is allocated to partner

How much of the net income of $91,000 is allocated to Partner 2? Partner 1 and Partner 2 have original investments of $50,000 and $100,000

  Prepare a statement of cash flows for business solutions

Santana Rey, owner of Business Solutions, decides to prepare a statement of cash flows for her business. (Although the serial problem allowed for various.

  Record the sale and sales return of merchandise

Half of the shipment is returned because the incorrect sizes have been shipped. Record the sale and sales return of merchandise on the seller's books

  Record the entry for the exchange transaction

Gamber Corp. has decided to trade in one its machines and obtain a newer version of the machine. This exchange does not have commercial substance.

  How does the correlate with IPO puzzle

How does this correlate with IPO puzzle(s) and historical data on IPO performances? Do you think recent IPOs in general support existence of these puzzles?

  Started in process 9200 units completed and on hand

started in process 9200 units completed and on hand 700units in process at end of period 1000 units complete as

  During the month of april the company manufactures 320

nona inc. which produces a single product has prepared the following standard cost sheet for one unit of the

  A lawyer allocates overhead costs based on his hours

a lawyer allocates overhead costs based on his hours working with different clients. the lawyer expects to have 200000

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