You have new items in your feed. Click to view.
Question and answer
Question not found
Ask a question
Not a good answer? Get an answer now. (Free)
New answers

There are no new answers.


There are no comments.

Add an answer or comment
Log in or sign up first.
Questions asked by the same visitor
Is 'Wine & Spirits' LIFO or FIFO?
Weegy: The LIFO (Last In, First Out) method of inventory costing uses both unit-base and cost-base methods of inventory valuation, in which the latest unit acquisition cost is matched with current sales revenue. [ [ Therefore, under LIFO, the order of cost outflow recognized is the inverse of the order of cost inflow. The units remaining in ending inventory are costed at the oldest unit costs available; the units in cost of sales are costed at the most recent unit costs available. Companies electing to use the LIFO approach generally believe that costs will either remain stable or increase. It is often desirable for a company to use LIFO for tax purposes to obtain a cash flow advantage (resulting from decreased tax payments) when inventory costs are rising. However, owing to a congressional income tax rule, a company that adopts the LIFO valuation method for income tax purposes also automatically adopts LIFO for financial reporting purposes. Therefore, accounting for inventory under LIFO includes complexities relating to federal tax regulations. And it may reflect less favorable financial results owing to earnings reductions and negative effects on the balance sheet as a company reports its financial position. The LIFO costing method contrasts with the first in, first out (FIFO) inventory method, which assumes that the cost of items sold in a period reflects the oldest cost in inventory just before sale. Therefore, remaining inventory valued at FIFO more closely represents current or replacement cost. FIFO more closely depicts the physical movement of goods. Companies generally use the oldest items in inventory first so they can continually roll the stock and prevent deterioration or obsolescence. In times of stable prices, FIFO has been widely used and accepted. ] ] (More)
Expert Answered
Asked 2/13/2013 12:48:23 PM
0 Answers/Comments
26,764,613 questions answered
Popular Conversations
Which of these animals are vertebrates? (Choose all that apply.) ...
Weegy: Penguins, foxes, snakes, alligators and kangaroos are all vertebrates. User: Amphibian eggs are ...
1/15/2017 4:19:10 PM| 2 Answers
Plate tectonics
Weegy: 3subduction, uplift, and mantle convection User: Earth’s inner core is solid because of A. the composition ...
1/15/2017 6:27:37 PM| 2 Answers
Which country DOES NOT lie along the Ring of Fire? A. Japan B. the ...
Weegy: D. the Philippines Indonesia A country of ... country in the world, Indonesia comprises more than 13,000 ...
1/15/2017 10:36:19 PM| 2 Answers
Weegy Stuff
Points 255 [Total 255] Ratings 0 Comments 255 Invitations 0 Offline
Points 152 [Total 164] Ratings 0 Comments 152 Invitations 0 Offline
Points 138 [Total 569] Ratings 1 Comments 128 Invitations 0 Online
Points 83 [Total 85] Ratings 5 Comments 33 Invitations 0 Offline
Points 58 [Total 4017] Ratings 0 Comments 58 Invitations 0 Offline
Points 53 [Total 948] Ratings 1 Comments 43 Invitations 0 Offline
Points 24 [Total 96] Ratings 0 Comments 24 Invitations 0 Offline
Points 23 [Total 23] Ratings 1 Comments 13 Invitations 0 Offline
Points 20 [Total 20] Ratings 2 Comments 0 Invitations 0 Offline
Points 10 [Total 10] Ratings 1 Comments 0 Invitations 0 Offline
* Excludes moderators and previous
winners (Include)
Home | Contact | Blog | About | Terms | Privacy | © Purple Inc.