The Last-In, First-Out (LIFO) inventory costing method assumes that items in ending inventory are the most recently acquired.
<h3>What is LIFO and FIFO methods of inventory?</h3>
LIFO refers to the Last In, First Out. LIFO is a method that assumes that the last unit that has been added in the inventory or more recently, will be sold first.
FIFO stands for First In, First Out. FIFO method assumes that the oldest unit of inventory that has been added first, would be sold first.
Basically, FIFO and LIFO accounting are the inventory costing methods used in managing inventory.
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The exportation of big portions of a product at a rate decrease than that of the identical product withinside the domestic mark. dumping.
The required details about Dumping is mentioned in below paragraph.
Dumping is a time period used withinside the context of global trade. It's while a rustic or company exports a product at a rate this is decrease withinside the overseas uploading marketplace than the rate withinside the exporter's home marketplace. Because dumping typically includes considerable export volumes of a product, it regularly endangers the economic viability of the product's producer or manufacturer withinside the uploading nation.
Dumping is taken into consideration a shape of rate discrimination. It happens while a producer lowers the rate of an object getting into a overseas marketplace to a stage this is much less than the rate paid through home clients withinside the originating country. The practice is taken into consideration intentional with the intention of acquiring a aggressive advantage in the uploading marketplace.
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Answer:
The Fed should decrease the real federal funds rate by 0.5%
Explanation:
The formula according to Taylor can be expressed as;
N=I+R+0.5(I-I*)+0.5(Y-Y*)
where;
N=nominal fed fund rate
I=inflation rate
R=real federal fund rate
I*=target inflation rate
Y-Y*=output gap
In our case;
N=4%=4/100=0.04
I=2%=2/100=0.02
R=unknown=R
I*=assume 2%=2/100=0.02
Y-Y*=-3%=-3/100=-0.03
replacing;
0.04=0.02+R+0.5(0.02-0.02)+0.5(-0.03)
0.04=0.02+R+0-0.015
0.04=R+0.005
R=0.04-0.005=0.035
Change=R-N
Change=0.04-0.035=0.005
The Fed should decrease the real federal funds rate by 0.5%
Sales Returned and Allowances $50
Allowance for Sales Return and Allowances $50
Lavender expects 5 jars at $10 each ($50 total) to be returned.
Explanation:
Lavender Corporation sells 100 jars of essential oil to Bed, Bath, and Relax on December 1, 20X5, for $10 each. Lavender offers a right to return the product for any reason. Based on past sales, Lavender expects Bed, Bath, and Relax to return 5 jars
<u>Using the above stated information we get the given data :-</u>
Sales Returned and Allowances $50
Allowance for Sales Return and Allowances $50
Lavender expects 5 jars at $10 each ($50 total) to be returned.
<u>The adjusting journal entry on December 31 reflects</u>
- The right of return by debiting Sales Returns and Allowances (a contra-revenue account) and
- Crediting Allowance for Sales Returns and Allowances (a contra-asset account to Accounts Receivable).
Answer:
a). The amount of the short-term loan=$128,181.82
b). The amount of the long-term loan=$156,666.67
Explanation:
The total annual interest to be paid can be expressed as;
I=PRT
where;
I=annual interest
P=principal amount of the note
T=number of years
a). For the short-term note's case;
I=$14,100
P=unknown
R=11%
T=1 year
replacing;
14,100=P×(11/100)×1
0.11 P=14,100
P=14,100/0.11
P=128,181.82
The amount of the short-term loan=$128,181.82
b). For the long-term note's case;
I=$14,100
P=unknown
R=9%
T=1 year
replacing;
14,100=P×(9/100)×1
14,100=P×0.09
0.09 P=14,100
P=14,100/0.09
P=156,666.67
The amount of the long-term note=$156,666.67