Student Solution

-->

"Education is the most powerful weapon which you can use to change the world”
– Nelson Mandela

1 University

1 Course

3 Subjects

Download Solution

Related Solution

Week 7 discussion_16...
Describe how you would assess for and report reliability and validity to the audience of your research? If I was a researcher and I had to report my reliability and validity to my audience I would do...

Week 7 discussion
Week 7 discussion

Describe how you would assess for and report relia

Chapter 2 Quiz 1_166...
Latin for “guilty deed”—an act that accompanies one’s intent to commit a crime, such as pulling out a knife and then stabbing someone. A person against whom a criminal charge is pending; one charged...

Chapter 2 Quiz 1
Chapter 2 Quiz 1

Latin for “guilty deed”—an act that accompan

Distributional Shape...
Test score is an example of a variable that its distribution can be symmetric or skewed. When the test is easy, many students can get high scores while only few get low scores; hence the distribution...

Distributional Shapes
Distributional Shapes

Test score is an example of a variable that its di

Chapter 5 Weekly Discussion

Chapter 5 Weekly Discussion

Q Chapter 5 - Weekly Discussion \ 1. If costs are increasing, how does that impact the balance sheet and income statement for the following: (a) FIFO (b) LIFO and (c) weighted average (Consider impact on ending inventory and cost of goods sold) RUBRIC: **5 points are awarded for a post that correctly and the answer with proper punctuation and grammar. This post is typically is a full paragraph with at least 5-8 sentences. **3 points are awarded for a post that is "mostly" correct and complete with proper punctuation and grammar. This post is typically close to a full paragraph with at least 3-5 sentences. **1 point is awarded for a post that is incorrect and/or incomplete. **0 points are awarded to those that do not answer the question

View Related Questions

Solution Preview

View Complete Solution
If the costs are increasing it impacts FIFO because ending inventory would be overstated, and cost of goods sold would be understated. Which would then overstate gross profit and net income. This would impact LIFO because ending inventory would be understated, and cost of goods sold would be overstated. Which would them understate gross profit and net income. Finally, under this cost flow assumption, each time a purchase takes place, a new average cost is computed for the cost of goods available for sale, and issues are recorded at the average cost so arrived at.