FIFO method :
Amount of Net Ducome GA per F1 Fo
Net Income (After Tan) $2144 mule
Add Income Tan Changed
(2144 X 100/70) X 30%. 76 $918.857 rude
$3062.857 nis
Add Closing Inventory Incrare as bei FIFO 293
Lesso Open Deventory Ducres asper FIFO (290 nulls)
Income before Taxes 3065.857 null
Income Taxes 30 y. (919.757 null)
Net Income 2146. to Pullen
FIFO ("first in, first out") is based on these production costs, assuming that the oldest products in a company's inventory are sold first. The LIFO (last in, first out) method assumes that the newest product in the company's inventory was sold first, and uses that cost instead.
FIFO (First In, First Out) Inventory Management evaluates inventory to reduce the likelihood of business losses when products are phased out or discontinued. LIFO (last in, first out) inventory management is suitable for non-perishable goods and uses the current price to calculate the cost of goods sold.
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Answer:
B. All of these are correct.
Explanation:
- The restriction must not be more broad than is necessary to serve the substantial government interest.
- The restriction must directly advance the substantial government interest.
- The government interest that will be advanced by the restriction must be substantial.
Answer:
The answer is $169,400
Explanation:
Gross profit is a line item under income statement and it is the difference between net sales(revenue) and cost of sales. It is a measure of profitability ( net sales - cost of sales?
Cost of sales = beginning Inventory + purchases - ending Inventory
$27,600 + $174,800 - $37,800
$164,600.
Now, cost of sales is: ( net sales - cost of sales)
$334,000 - $163,800
=$169,400
The answer for this question would then be c. Hope it helps!