Differentiate between FIFO and LIFO. Ans 3.2 LIFO and FIFO are the 2 most common inventory valuation methods and affects both the balance sheet and income statement. LIFO: last out, or LIFO, calls for the firm to attribute any sale made to the most recently acquired and most expensive inventory. During the inflationary prices period, the firm using this method would have the highest cost of goods sold, the lowest net income and lowest inventory value. FIFO: First in, first out, or FIFO, refers to the
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About Nestle Nestlé is a multinational packaged foods company founded and headquartered in Vevey Switzerland. it is the world`s foremost Nutrition. Health & Wellness Company committed serving consumers all over the world. Their focus on responsible nutrition and promoting heaLth and wellness is a core value, emphasizing responsibility and sustainability. Nestlé products are sold in almost every country in the world. MISSION STATEMENT Nestlé is dedicated to providing the best foods
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deviation from FIFO system, potential capacity and staffing problems, uneven workload among three underwriting teams, outdated SCT for computing TAT, and inaccurate computation process for TAT. In order to lower the number of late renewals and reduce turnaround time, our recommendations include, but not limited to, the following: 1) Making it mandatory for all departments to comply with the FIFO system and implementing monitoring plans for overseeing the entire underwriting process to ensure FIFO is strictly
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Question 1 CCS manufactures pencils. All direct materials are added at the beginning of the production process. During January, the accounting department noted that there was no beginning inventory. Direct materials purchases totaled $30863 during the month. Work in process records revealed that 1047 units were started in January, 464 units were completed, and 36 units were spoiled as expected. Ending work in process units are complete with respect to direct materials costs. Spoilage is not detected
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Jose Alberto Salazar OECS-205-D02 Homework 2 Answer Exercises 1 and 3 on page 499 (End of chapter 10) 1.- How does single-user mode differ from multiuser mode? When a system is in single-user mode, you can log in only at the console. Not all of the file systems are mounted,and many daemons are not running. With the system in multiuser mode you can login at any terminal or workstation that is set up for login, most or all of the filesystems are mounted, and all of the daemons that your
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CHAPTER 6 Reporting and Analyzing Inventory Study Objectives. • Describe the steps in determining inventory quantities. • Explain the basis of accounting for inventories and apply the inventory cost flow methods under a periodic inventory system. • Explain the financial statement and tax effects of each of the inventory cost flow assumptions. • Explain the lower of cost or market basis of accounting for inventories. • Compute and interpret the inventory turnover ratio
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One Global GAAP: IFRS vs. US GAAP Acct 522 Current Topics in Financial Reporting Zhipeng Cao CIN: 300443421 Introduction The most influential accounting reporting criteria today is the International Financial Reporting Standards (IFRS) by and U.S Generally Accepted Accounting Principles (U.S. GAAP). These two different accounting standards have various emphases. In short, IFRS states principles and it leaves the decision-making in everyday questions for accountants, while US GAAP consists
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------------------------------------------------- Top of Form Grading Summary | These are the automatically computed results of your exam. Grades for essay questions, and comments from your instructor, are in the "Details" section below. | Date Taken: | 1/29/2012 | Time Spent: | 2 h , 45 min , 16 secs | Points Received: | 129 / 150 (86%) | | Question Type: | # Of Questions: | # Correct: | Essay | 7 | N/A | | | Grade Details | 1. | Question : | (TCO D) A classmate
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P/U 1/1/2013 BEG. INVENTORY 300 40 FIFO LIFO WEIGHTED AVERAGE 2/21/2013 PURCHASE 700 44 UNITS COST P/U TOTAL COST UNITS COST P/U TOTAL COST UNITS COST P/U TOTAL COST 3/28/2013 PURCHASE 800 50 300 40 12,000 300 40 12,000 300 40 12,000 SALE 1400 75 700 44 30,800 700 44 30,800 700 44 30,800 800 50 40,000 800 50 40,000 800 50 40,000 FIFO LIFO Weighted Average 1800 82,800 1800 82,800 1800
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of beginning inventory, the June 15 sale consists of three units from beginning inventory and eight from the June 12 purchase, and the June 27 sale consists of one unit from beginning inventory and fourteen units from the June 24 purchase. 2. Using FIFO, calculate ending inventory and cost of goods sold at June 30, 2012. 3. Using LIFO, calculate ending inventory and cost of goods sold at June 30, 2012.
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