User Account

All Pages

State a few reasons why a company may use lifo

Assignment Help Accounting Basics
Reference no: EM13872498

Purpose: This case will discuss the nature and use of a LIFO reserve. Many companies use LIFO for tax and external reporting purposes, but maintain a FIFO, average cost, or standard cost system for internal reporting purposes.

Instructions

(a) State a few reasons why a company may use LIFO for external reporting and FIFO for internal reporting purposes.

(b) Explain what a LIFO reserve is and how it works.

Reference no: EM13872498

Questions Cloud

The difference in reporting capital assets and long term : Describe the difference in reporting capital assets and long term debt in the governmental funds financial statements and reporting those elements for governmental activities in government wide financial statements.
Determine the training and development needed to elevate : determine the training and development needed to elevate the performance
Explain the observational method both pros and cons : Explain the similarities and differences between a nondirective interview and a semi-structured interview.  Explain the observational method, both pros and cons
Describe the difference between expenditure recognition : Describe the difference between expenditure recognition and measurement in the governmental funds financial statements and expense recognition for governmental activities in government wide financial statements.
State a few reasons why a company may use lifo : State a few reasons why a company may use LIFO for external reporting and FIFO for internal reporting purposes. Explain what a LIFO reserve is and how it works.
What grading on a bell-shape curve means in this college : what grading on a bell-shape curve means in this college chemistry class
When should sales tax revenues and property tax : When should sales tax revenues and property tax revenues be recognized for governmental activities in the government wide statement of activities?
Estimate the hdl : A doctor wants to estimate the HDL. How many subjects are needed to estimate the HDL within 3 points with a 99% confidence. Assuming s=13.9
How is internal service fund activity reported : How is Internal Service Fund activity reported in government wide statements?

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