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Q. LIFO under periodic inventory procedure?
The LIFO (last-in, firstout) method of inventory costing presume that the costs of the most recent purchases are the first costs charged to cost of goods sold when the company actually sells the goods. In Exhibit 53 we illustrate the use of LIFO under periodic inventory procedure. Ever since the company charges the latest costs to cost of goods sold under periodic inventory procedure the ending inventory always consists of the oldest costs. Consequently when determining the cost of inventory under periodic inventory procedure the company lists the oldest units as well as their costs. The first units catalogued are those in beginning inventory then the first purchase and so on until the number listed agrees with the units in ending inventory. Therefore ending inventory in Exhibit consists of the 10 units from beginning inventory and the 10 units purchased on March 2. The overall cost of these 20 units USD 165 is the ending inventory cost the cost of goods sold is USD 525.
Q. Show the Chart of accounts? Chart of accounts -- a listing of all accounts or categories into that businesstransactions would be classified and recorded. Every account gener
Question 1: Briefly explain the following costs terms: Variable costs and fixed costs Semi- variable costs and semi-fixed costs Past costs and future costs.
Q. General principles of accounting? Organizations that have contributed towards the development of the principles are the 1)American Institute of Certified Public Accountants
One or more phases in the operation cannot supply all the items it makes concurrently.
types of legancies
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What is journal entry for Input CST which are paid at the time of purchases of goods from other state.
How many kind of Assets?
A firm is evaluating two machines. The first costs $250,000 and will require annual maintenance of $30,000 per year for 10 years. At the end of 10 years, the salvage value will b
Ratio Analysis : A 'Ratio' is clear as an arithmetical/quantitative/ numerical relationship between two numbers. Ratio analysis is a extremely significant and age old method of f
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