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
Rating

There are no new answers.

Comments

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)
Question
Expert Answered
Asked 2/13/2013 12:48:23 PM
0 Answers/Comments
25,930,847 questions answered
Popular Conversations
At the time of the Glorious Revolution and the writing of the English ...
Weegy: If you would be so kind as to finish your question, I'd be happy to assist you.
8/23/2016 9:33:05 PM| 3 Answers
If you visit the Senate chamber during a session on an average day, ...
Weegy: Teamwork is a joint action by two or more people or a group, [ in which each person contributes with different ...
8/23/2016 8:40:25 AM| 2 Answers
is the study of the environment that includes the physical, ...
Weegy: biological science - the science that studies living organisms. User: is the study of how living ...
8/23/2016 7:32:16 PM| 2 Answers
Which of the following economic systems theoretically has the most ...
Weegy: Capitalist has the most limited government interference. User: Complete this list of the factors of ...
8/24/2016 6:43:12 AM| 2 Answers
Weegy Stuff
S
Points 610 [Total 681] Ratings 4 Comments 570 Invitations 0 Online
S
1
L
Points 422 [Total 1256] Ratings 2 Comments 402 Invitations 0 Offline
S
L
P
P
P
P
Points 407 [Total 3662] Ratings 0 Comments 407 Invitations 0 Offline
S
Points 106 [Total 106] Ratings 0 Comments 106 Invitations 0 Offline
S
L
P
P
P
Points 46 [Total 3862] Ratings 0 Comments 46 Invitations 0 Offline
S
Points 40 [Total 45] Ratings 0 Comments 0 Invitations 4 Offline
S
Points 27 [Total 254] Ratings 0 Comments 27 Invitations 0 Offline
S
Points 13 [Total 13] Ratings 0 Comments 3 Invitations 1 Offline
S
L
C
Points 11 [Total 4491] Ratings 1 Comments 1 Invitations 0 Offline
S
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.