Last-in first-out inventory, Accounting Basics

Assignment Help:

Q. Last-in first-out inventory?

LIFO (last-in first-out): Ending inventory contains of the oldest costs. LIFO presumes that the costs of the most recent purchases are the first costs charged to cost of goods sold. Net income is typically lower under LIFO since the costs charged to cost of goods sold are higher due to inflation. The ending inventory may perhaps differ between perpetual and periodic inventory procedures.

Related Discussions:- Last-in first-out inventory

Economic substance of the transaction, Q. Economic substance of the transac...

Q. Economic substance of the transaction? In a few business transactions the economic substance of the transaction conflicts with its legal form. For instance a contract that i

Trial balance, preparing trial balance with balance method

preparing trial balance with balance method

Balance sheet concepts, THE BALANCE SHEET CONCEPTS According to Howard,...

THE BALANCE SHEET CONCEPTS According to Howard, a Balance Sheet might be definite as - 'a statement which reports the principles owned by the enterprise and the assert of the c

Forms of business organizations, Forms of business organizations Accoun...

Forms of business organizations Accountants habitually refer to a business organization as an accounting entity or a business entity. A business entity is some business organiz

Difference of fund flow statement and cash flow statement, Fund flow deals ...

Fund flow deals with transaction within financial year (One year) while Cash flow Statement record only the cash transaction.

FNSACC501 – Provide financial and business performance infor, Part 1: Stude...

Part 1: Students should consult with appropriate personnel in order to undertake an assessment of the client’s financial needs. Students must undertake an interview / consultation

Asset, exploration costs for mining companies are assts

exploration costs for mining companies are assts

Cycle inventory is required , One or more phases in the operation cannot su...

One or more phases in the operation cannot supply all the items it makes concurrently.

What do you mean by partnership, Q. What do you mean by partnership? A ...

Q. What do you mean by partnership? A partnership is a non-incorporated business owned by two or more persons associated as partners. Habitually the same persons who own the bu

Prepare a trial balance, Case Study : Briana Hope has had a long-standin...

Case Study : Briana Hope has had a long-standing love affair with technology and an appetite for apps. She believes that business owners that are not taking advantage of apps to

Write Your Message!

Name

Email id

Message

Verfication Code

User Account

All Pages