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The inventory valuation method that has the advantages that it assigns a value to the inventory on the balance sheet that approximates current cost and also mimics the actual flow of goods is called.?
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∙ 12y ago
lifo
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∙ 12y ago
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With inflation what are the implications of using LIFO and FIFO inventory methods and how do they affect the cost of goods sold?
LIFO inventory valuation assumes the latest purchased inventory becomes part of the cost of goods sold, while the FIFO method assigns inventory items that were purchased first to the cost of goods sold. In an inflationary environment, the LIFO method will result in a higher cost of goods sold figure and one that more accurately matches the sales dollars recorded at current dollars.
What is function-based cost management?
Function-based cost management is the budgeting philosophy that the budget controller (in this case the manager) budgets costs based on the function of a department, person, area, etc. Generally, the manager assigns costs according to the importance of the function to that manager.
Time is an opportunity cost when a manufacturer assigns workers to one task rather than to another?
Opportunity cost is the price paid for forgoing something or purchasing something else. A manufacturer can allocate a task lesser time compared to another activity for purpose of reaching a given goal.
What is a tariff number?
Quote from http://www.export.gov/logistics/exp_logistics_schedule_b.asp All import and export codes used by the United States are based on the Harmonized Tariff System (HTS). The HTS assigns 6-digit codes for general categories. This 6-digit code is known as the Harmonized System number.
What is a function of the government in a command economy?
Government planners decide which goods and services are produced and how they are distributed.The purpose of government in a command economy is to make major economic decisions. This is mainly aimed at protecting the consumers.
Which inventory valuation method assigns a value to the inventory on the balance sheet that approximates current cost and also mimics the actual flow of goods for most businesses?
fifo
What inventory costing method that assigns the most recent costs to the most recently sold inventory?
LIFO - Last In First Out
Is the inventory costing method that assigns the most recent costs to the most recently sold inventory?
LIFO - Last In First Out
What is the inventory method that assigns the most recent costs to revenues?
Lifo (Last in first out) is the method which assigns the most recent costs to revenues.
Which inventory method assigns the most recent costs to the cost of the good sold?
LIFO
With inflation what are the implications of using LIFO and FIFO inventory methods and how do they affect the cost of goods sold?
LIFO inventory valuation assumes the latest purchased inventory becomes part of the cost of goods sold, while the FIFO method assigns inventory items that were purchased first to the cost of goods sold. In an inflationary environment, the LIFO method will result in a higher cost of goods sold figure and one that more accurately matches the sales dollars recorded at current dollars.
What is the inventory method that assigns the most recent costs to cost of good sold?
LIFO - Last In First Out
What is the inventory method that assigns the most recent costs to cost of goods sold?
LIFO (Last in first out) is the inventory costing method which allocates the most recent costs to cost of goods sold.
Which inventory costing method assigns the most recent costs to the cost of good sold?
LIFO (Last in First Out) method is the method which charge the most recent prices to cost of goods manufactured and sold statement.
When are the Fitness Logs due?
| APEX Learning | - When your teacher assigns them to be due.
What does a backroom associate do?
A Wal-mart BIA (backroom inventory associate) assigns extra merchandise a location in the backroom so it is easy to locate and then they also pick the merchandise that sells on a daily basis and sends it out to be stocked when needed.
What is the legal definition of assigns?
Assigns are those to whom property rights or powers are transferred to.
