You are watching: In the context of dollar-value lifo, what is a lifo layer?
Where need to items in transit that were newly purchased f.o.b. destination be consisted of on the balance sheet?A) Accounts payable.B) Not on the balance sheet.C) Inventory.D) Equipment.
On June 15, 2017, Wynne Corporation accepted shipment of merchandise which it purchased on account. As of June 30, Wynne had not recorded the transactivity or consisted of the merchandise in its inventory. The effect of this on its balance sheet for June 30, 2017 would certainly beA) assets and also stockholders" equity were overdeclared but liabilities were not impacted.B) assets, liabilities, and stockholders" equity were understated.C) stockholders" equity was the just item impacted by the omission.D) assets and liabilities were underdeclared yet stockholders" equity was not impacted.
What is a LIFO reserve?A) The taxes savings attributed to utilizing the LIFO technique.B) The difference in between the LIFO inventory and the amount supplied for internal reporting purposes.C) Change in the LIFO inventory in the time of the year.D) The existing effect of making use of LIFO on net revenue.
Which of the adhering to is a product cost as it relates to inventory?A) Abnormal spoilage.B) Interemainder expenses.C) Selling expenses.D) Raw products.
Which of the complying with inventories lugged by a manufacturer is similar to the merchandise inventory of a retailer?A) Work-in-procedure.B) Finished items.C) Supplies.D) Raw materials.
Under what situations must a agency through high rate of rerotate on sales consider the inventory sold?A) When the items are offered on installmentB) When the payment for items is receivedC) When it can sensibly estimate the amount of returnsD) When the retailer provides a confirmation that the products will not be returned
Dolan Co. obtained merchandise on consignment. As of March 31, Dolan had actually recorded the transactivity as a purchase and contained the items in inventory. The effect of this on its financial statements for March 31 would beA) net revenue and also present liabilities were overstated.B) no impact.C) net revenue was correct and existing assets and also present liabilities were overdeclared.D) net revenue, present assets, and also current liabilities were overproclaimed.
In the conmessage of dollar-value LIFO, what is a LIFO layer?A) The LIFO worth of an increase in the inventory for a offered year.B) The difference in between the LIFO inventory and the amount supplied for interior reporting functions.C) The LIFO worth of the inventory for a given year.D) The inventory in base year dollars.
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Which of the following is correct?A) Selling prices are product expenses.B) Manufacturing overhead costs are product prices.C) Interest prices for regimen inventories are product prices.D) All of these answers are correct.