What are the differences between the lifo and fifo methods

Assignment Help Accounting Basics
Reference no: EM131389812

Discussions

Discussion 1

The controller of Sagehen Enterprises believes that the company should switch from the LIFO method to the FIFO method. The controller's bonus is based on the next income. It is the controller's belief that the switch in inventory methods would increase the net income of the company. What are the differences between the LIFO and FIFO methods?

For a written transcript, please click here.

Guided Response:

Analyze several of your peers' posts. Let at least two of your peers know if a company is better off if it switches from a LIFO method to a FIFO method. Explain your reasoning.

Discussion 2

Depreciation

Ashford University Discussion

A variety of depreciation methods are used to allocate the cost of an asset to all of the accounting periods benefited by the use of the asset. Your client has just purchased a piece of equipment for $100,000. Explain the concept of depreciation. Which of the following depreciation methods would you recommend: straight-line depreciation, double declining balance method, or an alternative method?

For a written transcript, please click here.

Guided Response:

Let at least two of your peers know if a company would use an accelerated depreciation method for their financial statements or their tax returns. Why do you believe this would be the case?

Reference no: EM131389812

Questions Cloud

Which type of entry allows force to be used : Based on the definition of "No-Knock" warrants and "Knock-and-announce" warrants, explain the pros and cons of each type of entry.Which type of entry allows force to be used? "No-Knock" or" Knock-and-announce"? In the case of United States v. Banks..
Find estimated survival function for patients in each group : Two groups of samples of patients were randomly selected from a county.- Table shows the survival times for patients in each group. Find the estimated survival function for patients in each group.
Transfer power to you the customer via the high tension line : When power companies transfer power to you the customer via the high tension lines, they bump up the voltage to several hundred thousand volts. This is done in order to keep energy losses to a minimum. Given that Pin = Pout, and that P = IV (power..
Temperatures of the rock and water change : If you drop a hot rock into a pail of water, the temperatures of the rock and water change until both are equal. The rock cools and the water warms. Does this hold true if you drop the rock into the Atlantic Ocean? Explain your answer.
What are the differences between the lifo and fifo methods : Acct205- It is the controller's belief that the switch in inventory methods would increase the net income of the company. What are the differences between the LIFO and FIFO methods?
Moderate the climate of nearby land : Why does the presence of large bodies of water tend to moderate the climate of nearby land - making it warmer in cold weather and cooler in hot weather?
Metal filing cabinet : In a room are a wooden table, cloth covered chairs, a metal filing cabinet, and glass bottles. Which of these has a temperature (a) lower than the surrounding air, (b) greater than the surrounding air, and (c) equal to the surrounding air? Explain..
Find estimated survival function for patients in each group : Given Table shows the survival times for patients in each group. Find the estimated survival function for patients in each group.
What advantage of having same person performing activities : What are the advantages of having the same person performing multiple activities in a particular process? What are the disadvantages? To earn full credit use the results of the simulation to support your answer.

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.

  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!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd