Solution-Which inventory valuation method it uses-lifo, fifo

Which inventory valuation method it uses-lifo, fifo

Assignment Help Accounting Basics

Reference no: EM133550992

Question: Sometimes you can be holding inventory, and it is not yours. Other times you can have inventory with a customer that is still yours. For example, consigned inventory is inventory being held by retailers but owned by the manufacturer. Knowing when ownership inventory passes from you to your customers or from your suppliers to you is important when properly stating your inventory balance on the balance sheet and your cost of goods sold on the income statement. Respond to the following in a minimum of 175 words:

What are two reasons some industries have inventory on consignment?
Why would a company care about which inventory valuation method it uses-LIFO, FIFO, or average? Provide an example to support your answer.

Reference no: EM133550992

Questions Cloud

Human relations communication challenge : Employees are prepared to take on the day-to-day human relations communication challenges associated with working as the member of a team?

What is gj net business income for tax purposes for the year : What is GJ's net business income for tax purposes for the year? As a C corporation, does GJ have a required tax year? If so, what would it be?

Explain the difference between physically moving inventory : what would be a correctly formatted formal business letter to Jane? Explain the difference between physically moving inventory and the costing inventory methods

What did the pennsylvania trial court order : What did the Pennsylvania trial court order with respect to the Ohio property? In jurisdictional terms, why did the husband object to this order?

Which inventory valuation method it uses-lifo, fifo : What are two reasons some industries have inventory on consignment? Why would a company care about which inventory valuation method it uses-LIFO, FIFO

Identify potential areas of cross jurisdiction : Identify potential areas of cross jurisdiction or mission area overlap. In the analysis, present a summary of why or why not these overlaps are conflicting,

Explain the detective approach to solving a forensic problem : Explain the detective approach to solving a forensic problem versus the scientific approach. 38. What are the three major phases of a fraud?

How accounting can play a role in reducing the threat : Outline the level of cybersecurity breaches that occur in Australia. Discuss the main types of breaches, why they occur and how accounting can play a role

Why is it a positive impact if the persentage of change : Why is it a positive impact if the persentage of change of consolidated sales decreases overall when the currency exchange rate changes are factored in?

User Account

All Pages

Which inventory valuation method it uses-lifo, fifo

Reference no: EM133550992

Reference no: EM133550992

Questions Cloud

Reviews

Write a Review

Accounting Basics Questions & Answers

How much control does fed have over this longer real rate

Coures:- fundamental accounting principles

Accounting problems

Theory of interest - term structure of interest rates

Write a report on internal controls

Prepare the bank reconciliation for company

Cost-benefit analysis

Theory of interest

Liquidity and profitability

What is the expected risk premium on the portfolio

Simple interest and compound interest

Capm and venture capital

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT