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A Merchandiser’s greatest expense is cost of goods sold. Cost of goods sold is calculated based on the different inventory costing method that is used by the company: FIFO, LIFO, Specific identification method, or weighted average cost method.
During the last month of the fiscal year, a company experienced extraordinarily good sales, and severely depleted its base stock of merchandise. Since the company accounts for inventory using LIFO, the controller realized that cost of goods sold will be reduced by an extraordinary amount, inflating net income. This effect will be increased by the fact that the purchasing department negotiated some very good prices on merchandise during the year. The controller decided that a last-minute inventory purchase, at current higher prices, was the answer to the problem, and asked the purchasing department to check the inventory files and stock up on as many items as possible to be sure that the company did not have to “liquidate the LIFO layers.”
Is this ethical? Explain your answer.
Discuss ramifications and implications of Section 1031 exchanges and Section 121 exclusions, considering the impact of the recent increase in housing prices and the initial decline in housing today.
a describe the concepts of functional and presentational currencies in the context of accounting for overseas
Organize journal entries relating to the stock-option plan for the years 2012, 2013, and 2014. Consider that the employee performs services equally in 2012 and 2013
a year ending balance sheet showed the subsequent subtotals current liabilities 80000property plant and equipment
Determine the difference in the amount of income that the company would have reported if it had used the FIFO method instead of the LIFO method. Would income have been greater or less?
Work in Process Inventory 25,000 Cash 25,000(This is for materials put into process and manufacturing Overhead 12,000 Cash 12,000(This is for bonuses paid to salespeople.
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The Knott Division's evaluated sales and standard cost data for the fiscal year ending Sept. 30 are as given:
On 1 July 2011, Hawks Ltd acquired land for $1 500 000 and machinery for $ 1 000 000. Hawks Ltd uses cost model to account land and revaluation model to account for machinery. Hawks Ltd depreciated the machinery over its useful life of four years, us..
Revaluation adjustments on acquisition are to be made on consolidation only, not in the books of any subsidiary and non-controlling interests are measured at the proportionate share of a subsidiary's identifiable net assets
Explain underlying accounting concepts, assumptions, and principles of accounting) David Newberry is chairman of the board of Healthy Food Brands, Inc. Suppose Mr. Newberry has just founded Healthy Food Brands, and assume that he treats his home and ..
Determine whether the lease of the company car is an operating lease or finance lease and provide a detailed explanation for your decision and provide all journal entries that are necessary in the books of Large Mart to account for the renting cont..
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