Question
In: Accounting
A wholesaler uses the last-in first-out (LIFO) method of pricing inventory issues at each month end....
A wholesaler uses the last-in first-out (LIFO) method of pricing inventory issues at each month end. The following details, relating to Product Z, are provided for a month:
Opening balance 860 units at a total cost of £1,892
Purchases 750 units at a total cost of £1,800
Sales 933 units
What is the cost of sales of Product Z in the month?
A £2,067·20
B £2,114·36
C £2,139·52
D £2,202·60
Solutions
ekkarill92 answered 1 year agoRelated Solutions
Company ABC uses the last-in, first-out (LIFO) dollar value retail inventory method. It adopted this method...
Company ABC uses the last-in, first-out (LIFO) dollar value
retail inventory method. It adopted this method at the beginning of
this year. The cost index for the year was 1.12. Below is
information for the first year. Cost Retail BI 1082.0 1542.0 Net
purchases 3462.4 5088.6 Net Sales 0.0 4579.7 Ending inventory at
retail is: Answer The cost to retail conversion for beginning
inventory is (round to at least 3 decimal points): Answer The cost
to retail conversion for the...
Suppose that David adopted the last-in, first-out (LIFO) inventory-flow method for his business inventory of widgets...
Suppose that David adopted the last-in, first-out (LIFO)
inventory-flow method for his business inventory of widgets
(purchase prices below).
Purchase
Direct
Other
Total
Widget
Date
Cost
Costs
Cost
#1
August 15
$
2,100
$
100
$
2,200
#2
October 30
2,200
150
2,350
#3
November 10
2,300
100
2,400
In late December, David sold widget #2 and next year David expects
to purchase three more widgets at the following estimated
prices:
Purchase
Estimated
Widget
Date
Cost
#4
Early spring
$...
Stockholm Co. accounts for its inventory using the last-in, first-out (LIFO) method. The data below concern...
Stockholm Co. accounts for its inventory using the last-in,
first-out (LIFO) method. The data below concern items in Stockholm
Co.’s inventory.
Per Unit
Gear
Stuff
Wickets
Historical cost
$190.00
$106.00
$53.00
Selling price
217.00
145.00
73.75
Cost to complete and sell
19.00
8.00
2.50
Current replacement cost
203.00
105.00
51.00
Normal profit margin
32.00
29.00
21.25
The cost amount that Stockholm Co. should use in the
lower-of-cost-or-market (LCM) comparison of stuff is
Group of answer choices
$105
$108
$106
$137
Q.1. The Acme Medical Equipment Company has used the Last-In First-Out (LIFO) inventory method for the...
Q.1. The Acme Medical Equipment Company has used the Last-In
First-Out (LIFO) inventory method for the 15 years they have
existed. Acme's operation has grown substantially, and the CEO
believes that the company should now use the FIFO inventory method
for this coming year end. This action meets the requirements for
consistency.
True
False
Q.2. If the euro is trading at 1.2500 in U.S. dollars (this
exchange rate is for illustration only), and you were spending your
U.S. dollar in...
Explain how the last-in, first-out inventory method is applied.
Explain how the last-in, first-out inventory method is
applied.
Periodic Inventory System If this business uses First in First out inventory system instead of Last...
Periodic Inventory System
If this business uses First in First out inventory system
instead of Last in Last out then what will the net income be for
the month described below? Will it be Higher, lower, the same or
unknown? Explain your reasoning.
Cost of Goods Available for Sale:
Date
# of units
$ per unit
1/1
Beginning Inventory
25
$50
1/4
Purchase of units
15
$45
1/20
Purchase of units
20
$42
1/30
Purchase of units
10
$37
Retail...
General Motors and Ford use the last-in, first-out (LIFO) method to value their inventories. Honda (of...
General Motors and Ford use the last-in, first-out (LIFO) method
to value their inventories. Honda (of Japan) and Daimler-Benz
(manufacturer of Mercedes-Benz of Germany) use the firstin,
first-out (FIFO) method. Under LIFO, recent costs are expensed as
cost of goods sold; under FIFO, older costs are expensed as cost of
goods sold.
Required: Given the income statement effects of LIFO versus FIFO,
how will the balance sheet inventory amounts differ between General
Motors and Ford versus Honda and DaimlerBenz?...
Bulldog uses the first in, first out (FIFO) method to account for tire inventory. Bulldog accrues...
Bulldog uses the first in, first out (FIFO) method to account
for tire inventory.
Bulldog accrues salaries and payroll taxes on the last day of each
month and pays all employment-related liabilities on the 5th day of
the following month. Assume employees are in the 10% income tax
bracket. Use the following tax rates: FICA OASDI, 6.2%; Medicare,
1.45%; Federal Unemployment Tax, 0.6%; and State Unemployment Tax,
5.4%.
The expected useful life of the equipment and furniture is five
years...
Bulldog uses the first in, first out (FIFO) method to account for tire inventory. Bulldog accrues...
Bulldog uses the first in, first out (FIFO) method to account
for tire inventory.
Bulldog accrues salaries and payroll taxes on the last day of each
month and pays all employment-related liabilities on the 5th day of
the following month. Assume employees are in the 10% income tax
bracket. Use the following tax rates: FICA OASDI, 6.2%; Medicare,
1.45%; Federal Unemployment Tax, 0.6%; and State Unemployment Tax,
5.4%.
The expected useful life of the equipment and furniture is five
years...
Write algorithm for LIFO (Last In First Out) Page Replacement Algorithm
Write algorithm for LIFO (Last In First Out) Page Replacement
Algorithm
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