What-if analysis of decision-support systems aims to foresee the effects of adjustments to the assumptions, or the input data, on the suggested answer.
A decision support system (DSS) is an information system that helps a corporation make decisions that call for discretion, analysis, and a plan of action. An organization's mid- and high-level management benefits from the information system's analysis of massive amounts of unstructured data and collection of data that can aid in input data problem-solving and decision-making. A DSS can be automated, run by people, or use a combination of both.
By collecting and input data, a decision support system generates comprehensive information reports. A decision-support systems hence differs from a conventional operations application, whose objective is to gather data rather than analyze it.
A decision-support systems is used by planning departments in an organization, like the operations department, to gather data and provide reports that management can utilize to make decisions. A DSS is primarily used for sales projection, for data on inventory and operations, and to deliver information to clients in an understandable way.
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_2. Administrative management’s focus was based on what?
a. Improving efficiency
b. Using knowledge, fairness, and logical rules and procedures.
c. On how and what managers should do in their jobs
d. The employee’s humanistic needs
Administrative management’s focus was based on Using knowledge, fairness, and logical rules and procedures.
What is administrative management?This is the term that simply has to do with the way that information can be managed through different people.
This term has to do with the way that the storage of information and the ways that the information has to be distributed among people that are within an organization.
The roles that are within an organization are known to be within the elements of the administrative management that are in a company.
The work that is done here has to do with the planning and all of the ways that the administrative procedures would be coordinated in an organization in order to ensure the effective management is done.
Therefore we would have to say that the administrative management is one that is focused on the knowledge and the fairness that comes with logic and the processes in the business.
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Four years ago ollie deposited some money into an account. He earned 5 percent interest on this account and now it has a balance of $303. 88. About how much money did ollie deposit into his account when he opened it?.
To calculate the principle amount of the loan with 4 years time and 5 percent rate and interest of $303.88, (P×R×T)÷100 = Interest, (P×5×4)÷100= $303.88, 30388÷20 = P
P is $1519.40.
An interest-bearing deposit account kept at a bank or other financial institution is referred to as a savings account. Despite the relatively low interest rates offered by these accounts, their security and dependability make them a fantastic choice for keeping cash on hand for urgent needs.
Many banks and credit unions offer substantially better returns on savings accounts, despite the fact that the majority of commercial banks only offer modest interest rates
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How does the organization of the Federal Reserver System Help it perform its functions?
Answer:
The Federal Reserve System's main duties include conducting national monetary policy, supervising and regulating banks, maintaining financial stability, and providing banking services. The Federal Open Market Committee is the Fed's monetary policy-making body and manages the country's money supply.
Explanation:
what is the role of the product owner? •to represent the customer to the agile team •to prioritize the program backlog •to ensure quality by testing the solution • estimate the stories in the product backlog
A product owner is the executive in charge of the product. He makes judgments regarding numerous aspects of product development because he is a member of the Agileteam.
Agile is a philosophy or way of thinking that combines numerous incremental and iterative software development approaches. Agile can always bring about and adapt to change. Throughout the software development life cycle, the Agile methodology incorporates continuous planning, testing, integration, and client or stakeholder feedback.
Managing the product backlog: The Product Owner is in charge of creating the backlog items and managing them in accordance with the Lean canvas, the requirements of stakeholders, and business goals. The development team's project to-do list is shown below.
The items in the backlog should also be prioritised according to user value, time, and the needs of other departments.
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Auto manufacturers are currently offering flex-fuel vehicles that are designed to run on ethanol gasoline mixtures. An economist recently analyzed the cost versus value consideration of these vehicles and found that the market is currently buying approximately the socially efficient amount of flex fuel vehicles. Under lobbying pressure from the car manufacturers and environmental groups, the federal government is considering a $3,000 subsidy paid per flex fuel vehicle sold. If this subsidy goes through, what would be the most likely impact on market efficiency?.
In most case, if the subsidy goes through, the most likely impact on market efficiency is that its decreases because the market is already operating at the most efficient level, however, if it were to go through sellers, its would make more causing a surplus causing the price to go back down to optimal/efficient.
What do we known as a subsidy?Basically, a subsidy refers to a direct or indirect payment to individuals or firms that are usually in the form of a cash payment from the government or a targeted tax cut. It is also defined as a benefit given to an individual, business or institution by the government. The aims of giving subsidy is to remove some type of burden which are considered to be in the overall interest of the public or an economic policy.
In economic, a subsidy are or can be used to offset market failures and externalities to achieve greater economic efficiency. However, some critics of subsidies asserts its problems with calculating an optimal subsidies, overcoming unseen costs and preventing political incentives from making subsidies more burdensome than they are beneficial.
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onestopshop provides consumers with a wealth of information about electronic equipment from various companies. this website allows customers to compare the benefits and prices to determine which items they want to purchase. thus, onestopshop is a
One-stop shop is a convenient way for customers to research electronics.
What is One-stop shop?
A one-stop shop is a business that provides its clients with a wide range of goods and services, all under one virtual roof. A one-stop shop can relate to a business that offers a variety of goods and services, or it can be a physical company where a client can conduct all of their business. For instance, a bank might be able to provide you with insurance coverage, investment advice, investment vehicles (like Deposit accounts), and accounts in addition to loans and accounts. The one-stop shop saves the customer a lot of time and effort compared to going to a different institution for every area of need
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during 2022 (its first year of operations) and 2023, fieri foods used the fifo inventory costing method for both financial reporting and tax purposes. at the beginning of 2024, fieri decided to change to the average method for both financial reporting and tax purposes. income components before income tax for 2022, 2023, and 2024 were as follows: ($ in millions) 2022 2023 2024 revenues $ 540 $ 550 $ 580 cost of goods sold (fifo) (54) (56) (62) cost of goods sold (average) (84) (88) (94) operating expenses (306) (314) (318) dividends of $35 million were paid each year. fieri’s fiscal year ends december 31. required: 1. prepare the journal entry at the beginning of 2024 to record the change in accounting principle. (ignore income taxes.) 2. prepare the 2024–2023 comparative income statements. 3.
Beginning in 2024, a journal entry will be made to reflect the change in accounting principle. Cost of products variance or change in 2023: A difference equals the cost of the products sold (FIFO) Cost of goods sold in 2023 (average) 2023 = $42 - $60 = $18
First In, First Out, sometimes known as FIFO, is a strategy of managing assets and valuing them that prioritises the sale, use, or disposal of assets that were produced or acquired first. The goal of FEFO is to make sure that the product with the earliest expiration date enters the market first.
The rules and regulations that businesses and other organisations must abide by when reporting financial data are known as accounting principles. The language and procedures that accountants must employ are standardised by these guidelines, making it simpler to analyse financial data.
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nazim also recently bought bonds with a clause stating that interest will be paid based on the inflation rate. when the inflation rate increases, the interest on the bonds will also increase. nazim has invested in .
Nazim has made a purchasing power bond / indexed bond investment.
What is Purchasing Power bond?Purchasing-power bonds, which alter their terms to maintain the contract's purchasing power rather than paying a fixed-dollar value, are a method for this adjustment.
Purchasing Power Bonds are subject to inflation risk, often known as purchasing power risk. It alludes to the possibility that rising prices will make an investor's assets and income less valuable as purchasing power. Interest rate risk is the chance that investment, particularly a bond, would lose value due to an increase in interest rates.
Therefore, Nazim made an indexed bond or purchasing power bond investment.
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using the percentage-of-receivables method for recording bad debt expense, estimated uncollectible accounts are $45,000. if the balance of the allowance for doubtful accounts is $11,000 debit before adjustment what is the amount of bad debt expense for that period?
If the balance of the allowance for doubtful accounts is $11,000 debit before adjustment what is the amount of bad debt expense for that period. The balance after adjustment in Allowance for Doubtful Accounts = $45,000.
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Market researchers often report discretionary income. Discretionary income is your disposable income minus your fixed expenses. Your disposable income is $2,920. After you pay fixed expenses of rent, utilities, groceries, and a car payment, you have $900. What percentage of your disposable income is discretionary?.
If you have $2,920 in discretionary income, 16.67% of that amount is yours to spend as you like. You have $900 remaining after paying the fixed costs of rent, utilities, groceries, and a car payment.
A person or household's discretionary income, commonly referred to as disposable personal income (DPI), is the amount of money left over fixed costs after income taxes have been paid.
One of the primary economic indicators used to assess the overall health of the economy at the fixed costs macro level is the disposable personal income, which is widely watched.
After paying all applicable local, state, and federal taxes, an individual's salary is then converted into disposable income. It is also known as net pay or discretionary personal income. A household's is disposable income consists of its earnings plus any unemployment benefits and capital gains.
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after a financial crisis hits the country of cinfuria, 55 million people become unemployed. if 2525 million individuals are lucky enough to keep their jobs, what is the unemployment rate? please specify your answer to two decimal places.
The unemployment rate from the entire labor force is 68%, to two decimal places.
Explanation:
The following formula is used to calculate the unemployment rate:
Unemployment rate is calculated as follows: 100 x (Total Labor Force x Number of Unemployed Workers).
where there are 55 million unemployed employees
Moreover, the overall labor force is
= 25 million+ 55 million
=80 million
the unemployment rate is therefore
equals (55 million) x (80 million) x 100
= 68.75%
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a stock has a correlation with the market of 0.61. the standard deviation of the market is 30%, and the standard deviation of the stock is 31%. what is the stock's beta?
a stock has a correlation with the market of 0.61. the standard deviation of the market is 30%, and the standard deviation of the stock is 31%. the stock's beta is 0.63.
In arithmetic and data, the deviation is a measure of the difference between the observed fee of a variable and a few other costs, often that variables suggest. The signal of the deviation reports the route of that difference (the deviation is high-quality whilst the determined cost exceeds the reference value). The importance of the value indicates the scale of the distinction. A deviation that may be a distinction between a found fee and the true price of an amount hobby (where genuine price denotes the anticipated cost, along with the population mean) is an error. A deviation that is the distinction between the determined value and an estimate of the real cost (e.G. The sample suggest; the expected value of a pattern can be used as an estimate of the anticipated price of the population) is a residual. These ideas are relevant to facts in the c programming language and ratio tiers of dimension.
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the process of improving a firm’s relative advantage in the minds of its targeted customers, by emphasizing the key attributes of its offerings for the right sub segments is known as?
Value proposition in marketing is the process of improving a firm’s relative advantage in the minds of its targeted customers, by emphasizing the key attributes of its offerings.
What is value proposition in marketing?A value proposition in marketing is a brief explanation of the benefits that customers who buy a company's products or services would enjoy. It serves as a mission statement for the company as well as for customers.
In addition to a visual that piques interest, such as an image, video, or illustration, the best value proposition examples typically include a headline, subheadline, or brief text. After reading value propositions, customers should understand what a brand stands for.
Thus, it is a value proposition in marketing.
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assume a parent company owns a 100% controlling interest in its long-held subsidiary. the following excerpts are from the parent’s and subsidiary’s "stand alone" pre-consolidation income statements for the year ending december 31, 2019, prior to any investment bookkeeping or intercompany adjustments: parent subsidiary revenues $4,000,000 $2,500,000 cost of goods sold (2,800,000) (1,500,000) gross profit 1,200,000 1,000,000 selling general
$200,000 is the amount of "income from subsidiary" recognized by the parent company if it applies the cost method of pre-consolidation investment bookkeeping.
What are the 3 consolidation methods?
The three consolidation methods are full consolidation, proportionate consolidation, and equity consolidation. When the parent owns and over 50% of the subsidiary, the consolidation process is used in accounting, whereas the equity method is employed when the parent owns 20 to 50% of the subsidiary.
Parent Company owns 100% of the shares of its subsidiary which means there is no non controlling interest.
Here is the complete question-
Assume a parent company owns a 100% controlling interest in its long-held subsidiary. The following excerpts are from the parent's and subsidiary's "stand alone" pre-consolidation income statements for the year ending December 31, 2019, prior to any investment bookkeeping or intercompany adjustments:
Parent Subsidiary
Revenues $4,000,000 $2,500,000
COGS (2,800,000) (1,500,000)
Gross profit 1,200,000 1,000,000
SG&A (780,000) (606,000)
Net income $420,000 $394,000
On January 1, 2019, neither company held any inventories purchased from the other affiliate. All of the sales made by either company have the same gross margin regardless of whether they are made to affiliates or non-affiliates. The subsidiary declared and paid $200,000 of dividends during 2019.
Assume during the year ended December 31, 2019, the subsidiary sold to the parent $400,000 of merchandise. At December 31, 2019, the parent still held in its inventory 25% of the goods purchased from the subsidiary during 2019.
What is the amount of "income from subsidiary" recognized by the parent company if it applies the cost method of pre-consolidation investment bookkeeping?
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a product has demand of 4000 units per year. ordering cost is $20 and holding cost is $4 per unit per year. the cost-minimizing solution for this product is to order
Demand for a product is 4000 units annually. Ordering costs are $20, while annual holding costs are $4 per unit. Ordering this product online will reduce costs. Cost of inventory every year is $800.
The thing that is being sold is called a product. A service or an item might be considered a product. It may take the form of something tangible, virtual, or cyber. Every item has a cost associated with it, and it is priced accordingly. The market, the product's quality, the marketing strategy, and the segment it is intended for all affect the price that can be charged.
Every product has a shelf life after which it must be replaced and a life cycle after which it needs to be redesigned. To make a brand more applicable to the market and the times, brands in the FMCG industry can be updated, relaunched, or expanded, frequently maintaining the product virtually unchanged.
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when the government goes into deficit spending to stimulate the economy, it has to borrow more money. this borrowing may have a negative impact by when the government goes into deficit spending to stimulate the economy, it has to borrow more money. this borrowing may have a negative impact by causing interest rates to fall due to increased demand. causing the government to stop issuing bonds. increasing the national debt causing banks to go bankrupt.
To stimulate the economy, Because of the additional demand brought on by this borrowing, it can have a negative effect by pushing up interest rates.
A percentage of the principal, or the economy amount loaned, is what a lender charges a borrower as interest. The annual percentage rate, or APR, is the usual unit used to express the interest rate on a loan (APR).
The amount earned from a savings account or certificate of deposit at a bank or credit union may also be subject to interest rates (CD)interest rates. on these bank accounts is calculated as an annual percentage yield (APY).
The borrower is essentially charged interest for economy the usage of the asset. Cash, consumer goods, vehicles, and real estate are all examples of lent assets. As a result, an interest rate can be viewed as the "cost of money" because it increases the cost of borrowing the same amount of money.
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the amount of the a veteran must pay depends on factors such as military status, down payment amount, and whether the veteran’s entitlement is being used for the first time or a subsequent time
The amount of the Funding fee a veteran must pay depends on factors such as military status, down payment amount, and whether the veteran’s entitlement is being used for the first time or a subsequent time.
A veteran is someone who has extensive experience (and is typically skilled and respected) and knowledge in a certain occupation or field (from the Latin vetus, meaning "old"). A individual who has left the military is known as a veteran.
A war veteran is a military veteran who has participated directly in battle in a war (although not all military conflicts, or areas in which armed combat took place, are necessarily referred to as wars).Because of how closely their lived experience is tied to the conduct of war in general and the use of professional violence in particular, veterans of the military are unique as a group.
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a monopoly is characterized by all of the following except group of answer choices the firm has market power. there are no close substitutes to the firm's product. entry barriers are high. there are only a few sellers each selling a unique product.
A monopoly is characterized by there are only a few sellers, each selling a unique product
Option D is correct .
A monopoly is a type of request structure where there's only one dealer of the good in the request. Only one dealer sells the good in the request and that is why it has the request power and full control over the prices of the good.
What's a monopoly characterized by?A monopoly is a business that's characterized by a lack of competition within a request and unapproachable backups for its product. Monopolies can mandate price changes and produce walls for challengers to enter the business.
What's monopoly and its types?A monopoly is an profitable request structure where one company or one dealer dominates with numerous buyers. There's a unique product in this request, and a dealer enjoys the power of deciding the price of goods as he doesn't have challengers for that particular product.
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includes providing financial information for reports to managers and shareholders, and overseeing the overall operations of the accounting system. question 46 options: controllership risk management treasury management strategic planning
Controllership includes providing financial information for reports to managers and shareholders and overseeing the overall operations of the accounting system.
Healthy finances are the key to the sustainability of a company to survive or continue to grow. Healthy corporate finance is the dream of everyone in the company. Therefore, finances need to be managed properly and carefully by the company.
Those who are responsible for and manage these finances are financial management as company representatives. His job is to oversee and handle the company's financial statements, as well as investment portfolios, accounting and all kinds of financial analysis. That way the company's finances and assets can be maintained properly. This indicates that financial management must ensure that the company's funds are stable.
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assume that capm is valid. a share of stock is now selling for $95. it will pay a dividend of $5 per share at the end of the year. its beta is 1. what do investors expect the stock to sell for at the end of the year? assume the risk-free rate is 5% and the expected rate of return on the market portfolio is 19%. (round your answer to 2 decimal places.)
$108.05 is the price for the next year.
We first need to compute the required return R:
= Re= Rf + (Rm-Rf)x beta
= 5%+ (19%-5%)x 1
=19%
Po = D1/(R-g)
95= 5/ (0.19 –g)
18.05 -95g =5
G=13.05/95 =13.74%
Price in the next year = current price + (1+g)
= 95 x (1+0.1374)
$108.05
To calculate the value of an inventory the usage of CAPM, multiply the volatility, called “beta,” by way of the additional reimbursement for incurring chance, known as the “marketplace danger top rate,” then add the danger-loose charge to that cost.
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tyler’s inc. makes soap. tyler plans to produce 5000 soaps next month. 5000 soaps require 2800 tons of detergent at the cost of $15 a ton. tyler also estimates the need for 9 workers to work 8 hours a day to meet the next month’s production target. the current labor rate is $16.50/hr. tyler estimates fixed manufacturing overhead cost to be $41,000 for the year and variable manufacturing overhead to be $7 per labor hour. the company plans to sell the soaps for $27 each. what is the total prime cost incurred by tyler for the next month? (assume the month has 30 days)
$72,600 is the total prime cost incurred by Tyler for the next month (assume the month has 30 days) for tyler’s inc. makes soap. tyler plans to produce 5000 soaps next month.
Prime Cost == Direct material cost + Direct Labor cost
Direct material cost = 3000 tons x $ 11 = $ 33,000
Direct labor cost = 10 workers x 8 hours x 30 days x $ 16.50 = $ 39,600
Prime Cost = $ 33000 + 39600 = $ 72,600
The expenditures incurred by a company that are soap directly tied to the labor and materials utilized in manufacturing are known as prime costs. It speaks about the expenses soap incurred in producing a good, which are calculated to ensure the highest possible profit margin for the producer. The prime cost determines the direct costs of Laboure and raw materials used in the production of a thing. Direct expenditures do not include indirect costs like marketing and office expenses.
The overall direct costs, which may be fixed or variable, associated with producing a product for sale are referred to as prime costs. The overall cost of the production inputs required to produce a specific output is calculated by businesses using prime costs.
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The project manager building a new underwater dolphin exhibit at city aquarium is reviewing the chronological sequence of activities that must be completed on the project and the estimated time of completion of each activity. He is employing.
The project manager who is reviewing the chronological sequence of activities that must be completed on the project and the estimated time of completion of each activity is employing Program evaluation and review technique (PERT).
What is PERT?PERT refers to the timeline within which a project is expected to run. Often, project managers tend to use PERT charts to ensure that their projects run as agreed and within the agreed-upon timeframe. If they fail to use the PERT chart during the course of their jobs, then there is a high chance that they will not get the best results from the course of the project.
PERT charts help project managers to remain on track as they complete the core parts of the project. It also helps them to break big-sized projects or tasks into smaller bits that they can execute quickly and track faster. So, the answer to the prompt is Program evaluation and review technique (PERT).
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During the 1973 eruptions on the island of heimaey, residents used blank______ to build barriers that diverted lava flows away from their economically important fishing port.
In order to prevent lava flows from reaching their economically significant fishing port during the island of Heimaey's 1973 eruptions, locals constructed barricades out of blank pyroclastic debris
What exactly are pyroclastic substances?
Vapor, lava chunks, and clouds of ash carried through the air are all referred to as pyroclastic materials. Because vapour supplies its buoyancy, the movement of pyroclastic materials through the air is always quick and hot. These elements are potential of harming life and property in their pathways because of their general composition and the rapid, hot flow, which can reach miles away from the volcano.
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suppose good x has a negative income elasticity of demand. this implies that good x is a. a normal good. b. a necessity. c. an inferior good. d. a luxury.
Suppose good x has a negative income elasticity of demand. this implies that good x is an inferior good.
A measure of a product's change in consumption in response to a change in price is called price elasticity of demand.If the price elasticity is infinite, then a good is perfectly elastic (if demand changes substantially even with minimal price change).A good is elastic if its price elasticity exceeds 1; it is inelastic if it is less than 1.A good is completely inelastic if its price elasticity equals zero (no price change, no matter how little, results in a change in demand).Unitary elasticity refers to price elasticity that is precisely 1 (a change in price causes a change in demand that is exactly the same proportion).Learn more about Price elasticity, here
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alphabeta company offers employees opportunities to move laterally, learning different skills in different areas, rather than climb a vertical career ladder.
Providing employees with opportunities to move laterally rather than up the career ladder corresponds to the new social contract.
What is the new social contract?It corresponds to a new way of establishing rules and ordering society in order to increase well-being through the redistribution of opportunities for individuals in society.
Therefore, the social contract is a tool to protect the interests of individuals in society, specifying governmental rights and duties, through the institution of policies and moral rules for social order.
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you borrow $25,000 to be repaid in 12 monthly installments of $2,292.00. the annual interest rate is closest to group of answer choices 1.5 percent. 18 percent. 12 percent. 24 percent.
The annual percentage rate is 18% if you borrow $25,000 to be repaid in 12 monthly installments of $2,292.00.
Loans are frequently repaid through equal monthly payments over time, a process known as amortization. The monthly payments are determined in such a way that their present value equals the amount borrowed.
Assume that the monthly interest rate is r. When the monthly payments are discounted at this rate, the present value must equal the amount borrowed, i.e.,
2292*(1-(1+r)^-12)/r=25,000, yielding r=1.5%
As a result, the annual percentage rate is 1.5% * 12 = 18%.
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when considering the plan−do−study−act cycle for problem solving, instructing other employees in the use of the new process occurs in the step.
When considering the plan−do−study−act cycle for problem-solving, instructing other employees in the use of the new process occurs in the act step.
An iterative, four-stage problem-solving paradigm called Plan-Do-Study-Act is used to implement change or improve processes. Internal and external customers should be involved while adopting the PDSA cycle since they may offer input on what works and what doesn't.
Problem-solving, which is a common component of most activities, is the process of reaching a goal by overcoming barriers. Simple daily duties to complicated concerns in the business and technical domains are all examples of problems that need to be solved. Both as individuals and as organizations, problem-solving abilities, and the issue-solving process are essential components of daily life.
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a country with a very low per capita gdp can have a very high growth rate because mathematically, when the ▼ ratio numerator denominator is ▼ lower higher the same , even a small difference in the ▼ numerator denominator ratio will result in a large growth rate.
It is true that a country with a very low per capital gdp can have a very high growth rate because mathematically, when the ratio numerator denominator is lower , even a small difference in the numerator ratio will result in a large growth rate.
What is capital gdp ?Per capita gross domestic product can be described as the financial metric which is been used in the expression of the country's economic output per person with respect to the population of the people in that particular country.
Therefore, the Per capita gross domestic product help to know how the country is moving in term of her finance.
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Alex purchases a computer from dell to be delivered via fed ex. Dell delivers the computer to fed ex to be shipped to alex. During the delivery, the fed ex driver is having a bad day and just throws the boxes out the window of the delivery truck rather than setting the box by the front door as is standard practice. While throwing the computer it is damaged. Would dell be responsible for the damage to the computer?.
Dell will not be responsible for the damage to the computer in the above case because the title transfers to the buyer once the good is delivered to a common carrier.
At the time when a company, such as Dell, sends over its product to the buyer, it changes the name to the buyer as soon as it is sent out for delivery by the common carrier.
After giving the product to the carrier, it is not the responsibility of Dell if any damage to the computer is made.
The damage to the computer will either be accountable to FedEx if it has a policy for guaranteeing the safety of the product while delivery. If not, then the buyer will be accountable for the damage. However, in any of the cases, Dell will not be responsible once it has given the product to FedEx for delivery.
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emily company uses a periodic inventory system. at the end of the annual accounting period, december 31 of the current year, the accounting records provided the following information for product 2:
The preparation of the income statements of Emily Company, which uses a periodic inventory system, under FIFO and LIFO, is as follows:
Emily Company
Income StatementsFor the period ending December 31 of the current year
FIFO LIFO
Sales revenue $619,590 $619,590
Cost of goods sold:
Beginning inventory $37,570
Purchases 276,490
Cost of goods available $314,060 $314,060
Less Ending inventory (164,770) (149,290)
Cost of goods sold $147,290 $164,770
Gross profit $470,300 $454,820
Operating expenses (taxes) 188,500 188,500
Net Income $281,800 $266,320
What makes the FIFO method different from the LIFO method?The FIFO method values the ending inventory as a product of units brought in stock at the last period and their unit costs, while the cost of goods sold is valued as the product of units in stock earlier and their unit costs.
On the other hand, the LIFO method values the cost of goods sold as the product of units in stock at the last period and their unit costs, while the ending inventory is the product of the units in stock earlier and their unit costs.
Units Unit Cost Total Cost
Inventory, December 31, prior year 2,890 $13 $37,570
For the current year:
Purchase, April 11 8,960 14 125,440
Purchase, June 1 7,950 19 151,050
Total inventory 19,800
Sales ($57 each) (10,870)
Ending inventory 8,930
Operating expenses (excluding income tax expense) = $188,500
Total purchases = $276,490 ($125,440 + $151,050)
FIFO:Ending inventory = $164,770 ($151,050 + 980 x $14)
LIFO:Ending inventory = $149,290 ($37,570 + 7,890 x $14)
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Question Completion:Units Unit Cost
Inventory, December 31, prior year 2,890 $13
For the current year:
Purchase, April 11 8,960 14
Purchase, June 1 7,950 19
Sales ($57 each) 10,870
Operating expenses (excluding income tax expense) $ 188,500
Prepare income statements under FIFO and LIFO.