Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Problem-
Eastshore Corporation sells three main products regularly. The products form one pool for inventor/ purposes, The company used FIFO throughout 2007 for all purposes. After 2007, FIFO continued to be used for internal management and accounting purposes; however, at the beginning of 2008, dollar-value LIFO was adopted For income tax and external reporting purposes. The following data (for the three products combined) were taken from the records for the three years following the adoption of LIFO:
FIFO Basis Accounts
2007
Units
Cost
Total
Ending inventory
2,000
$3.00
$6,000
2008:
Purchases
7,000
$3.30
$23,100
Sales
6,000
3,000
S3.30
$ 9,900
2009:
10,000
$3.60
$36,000
$21,600
2010
5,000
$3.75
$18,750
4,000
$15,000
Required:
Convert the ending inventory at FIFO to a dollar-value LIFO basis for 2008, 2009, and 2010.
Additional information-
The problem relates to Accounting and it discusses about converting ending inventory from FIFO into dollar-value LIFO method.
Managerial accounting: a. has its primary emphasis on the future. b. is required by regulatory bodies such as the SEC. c. focuses on the organization as a whole, rather than on the organization's segments. d. Responses a, b, and c are all correct.
the cutting department of groneman manufacturing has the following production and cost data for july. production costs
howie long has just learned he has won a 506800 prize in the lottery. the lottery has given him two options for
1) What are the tax advantages and disadvantages of the C corporation form of doing business . List at least 2advantages and 2 disadvantages. Explain each item on your list with an example.
annual depreciation expense on a building purchased a few years ago using the straight-line method is 5000. the cost of
discuss and differentiate straight line method of depreciation and accelerated
How have the Australian courts approached the issue of which which proceeds of a business will constitute the 'ordinary incidents' orordinary proceeds' of a business?
identify each of the following kind of accounts as a revenue r expense e asset a liability l or equity oe by placing
iddleburg inc produces 2 lines of mobile homes double wide and single wide. unit cost and revenue data pertaining to
Identify at least three (3) ratios that could be manipulated to mislead investors and creditors regarding the company's financial condition. Examine the motivation of management to manipulate the ratios identified.
on january 1 witt company has a beginning cash balance of 84000. during the year the company expects cash disbursements
Calculate the depreciation expense by each of the following methods, showing the figures used - what should Robertson record as an impairment loss on July 1, 2012?
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!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd