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Problem 1: Will technology make FIFO and LIFO obsolete?
Problem 2: Given the increased automation in nearly every business with inventory (think of the last time you bought something without a barcode), the costs of the specific identification method are becoming significantly cheaper than they had been. Do you think that all businesses will be using a specific identification method eventually? What are the advantages and drawbacks of using specific identification rather than LIFO or FIFO? Note that we are asking the question from an accounting perspective, not from the perspective of inventory control.
Describe the new Revenue Recognition standards. Project the impact of these new standards on financial reporting. Provide the suitable example
The following 2010 information is available concerning the Drake Company, which adjusts and closes its accounts every December 31:
Calculate degree of operational leverage. If goods and services are produced and sold at 20$ and 15$ respectively and current production of 10000
On December 31, 2017, Dieker Company sells equipment to Tabor Inc. for $125,000. Dieker includes a 1-year assurance warranty service with the sale of all its equipment. Prepare the journal entry to record this transaction on December 31, 2017.
Compute the departmental overhead rates using machine hours as the cost driver. Compute the total costs per unit of MaxiFlow and Alaska assuming: (a) The company-wide rate. (b) The departmental rates.
sandi scott obtained a patent on a small electronic device and organized scott products inc. to produce and sell the
Nature of Uncollectible Accounts The XYZ Corporation owns and operates casinos. As of a recent year, The XYZ Corporation reported accounts receivable of $715,000 and allowance for doubtful accounts of $99,385. Compute the percentage of the allowance ..
Recent financial statements of General Mills, Inc. report net sales of $12,442,000,000. Accounts receivable are $912,000,000 at the beginning of the year and $953,000,000 at the end of the year. Compute General Mills' accounts receivable turnover. (R..
The following information is available for 2-the-Point, a store specializing in needlecraft and supplies. Net cash provided by (used for) financing activities would be:
Assume that the market interest rate for each bond is 12 percent. Calculate the amount that Tsang will receive if both bond issues are made.
In your opinion could the unrealized gains on the investment held in the special revenue fund be nonexpendable or expendable. How is the transfer from the permanent fund to the particular revenue fund reported in the government-wide statements
You have recently accepted a position with Vitex, Inc., the manufacturer of a popular consumer product. During your first week on the job, the vice president has been favorably impressed with your work. How many units were produced last period? How m..
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