User Account

All Pages

How do you convert from lifo to fifo

Assignment Help Financial Management
Reference no: EM132326321

Question

How do you convert from LIFO to FIFO?

Land and a building are purchased for a group price of $1,240,000. How much of the purchase price should be allocated to BUILDING? when the land is appraised at $340,000 and the building on the land is appraised at $1,020,000

For Fun Corporation purchases new equipment for $1,400,000 on January 1, 2019. For fun estimates that the equipment has a $60,000 residual value and a useful life of 10 years.

For Fun uses the straight-line method to record depreciation. Assume this on January 1, 2021, For fun realizes that the new equipment actually has a total useful life of 7 years and a $80,000 residual value. A depreciation schedule would show -------------- depreciation expense for 2021?

When do you use LIFO or FIFO?

Reference no: EM132326321

Questions Cloud

Where was preston standing : Where was Preston standing? Where were some of the other witnesses standing? Did Preston give the order to fire? If he did not, who did?
Analyze the role of immigrants in industrialization : Describe the basic industries of America's Industrial Revolution. Explain what made the men who controlled them so successful and analyze the role of immigrants
How to you do the adjustment for following for calculation : The net book value of these assets was $52,000 and the resulting accounting loss of $15,000 was included in Other Expenses.
Industry for the patented pharmaceuticals : If the Gamma Project is fully implemented, how will it affect the industry for the patented pharmaceuticals?
How do you convert from lifo to fifo : Land and a building are purchased for a group price of $1,240,000. How much of the purchase price should be allocated to BUILDING?
What are the goals of progressivism : What are the goals of progressivism and what areas of society should be addressed? Analyze what progressive achievements does Roosevelt highlight in his speech?
Include production and manufacturing and suppliers : Discuss the management of many business functions to include production and manufacturing and suppliers which is key to achieving operating profit.
Describe basic industries of america industrial revolution : Describe the basic industries of America's Industrial Revolution. Explain what made the men who controlled them so successful, and analyze the role of immigrant
Define long range impact on the modern workplace-perhaps : Choose another historical event and reflect on the "long range" impact on the modern workplace-perhaps on the profession you have chosen.

Reviews

Write a Review

Financial Management Questions & Answers

  Has nominal effective exchange rate value of euro decreased

The nominal bilateral rates change from 2.0 euros per Canadian dollar to 1.9 euros per Canadian dollar and from 48 yen per euro to 50 yen per euro. - Has nominal effective exchange-rate value of the euro decreased?

  What is the cost of debt and after tax

What is the Cost of Debt and After Tax? What is the Cost of Preferred? What is the Cost of Equity? Calculate payback

  At what price per jar would project npv equal zero

Emperor’s Clothes Fashions can invest $6 million in a new plant for producing invisible makeup. At what price per jar would project NPV equal zero?

  How much of return came from dividend yield-capital gain

How much of the return came from dividend yield and how much came from capital gain?

  Integrative problem exchange rate behavior

As an employee of the foreign exchange department for a large company, Determine whether triangular arbitrage is feasible, and if so, how it should be conducted to make a profit. Using the information in question 1, determine whether covered interest..

  Using the pv function in excel compute the price hodson paid

Hodson Corp. purchased 10, 1,0?00, 3% bonds of Solar Corporation when the market rate of interest was 14%. Interest is paid semiannually on the bonds.

  Explore a company that they are familiar with

Explore a company that they are familiar with and relate this to their own experiences to determine the importance of the mission.

  Firm increases its debt ratio

If a firm increases its debt ratio, we would expect in the short-term (hint: think equity multiplier)

  What is the amount of the firm ebit

Advantage First Corporation has sales of $4,981,730; What is the amount of the firm’s EBIT?

  What should the stock price be

If the firm just announced that the next dividend will be an extraordinary dividend of $25 per share that is not expected to affect any other future dividends, what should the stock price be?

  Decides to perform more office work and less surgery

For a 4 person surgical group, what kind of formula may be devised to fairly and consistently measure and reward productivity? What changes may be needed if one surgeon decides to perform more office work and less surgery?

  What is the effect on the value of the currency in short run

What is the effect (in words) on the value of the currency in the short run if the money supplied is increased to M = 100?

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