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 6 - Final Paper...
Intervention in the lives of LGBT individuals must be taken as initiatives by non-LGBT individuals whenever possible. However, there must be more NGOs and public servants motivated by the American gov...

Week 6 - Final Paper
Week 6 - Final Paper

Intervention in the lives of LGBT individuals must

diversity and cross-...
The concept of cross-cultural monitoring and diversity is not very new for the organizations. Similarly for the case of Dr. Lisa and Berta, it has been understood that the perspectives of the people c...

Diversity and Cross-Cultural Mentoring
Diversity and Cross-Cultural Mentoring

The concept of cross-cultural monitoring and diver

Discussion 2_1648204...
I really think that social media shapes and reflects most our our personalities. I believe that sub consciously everything that we read in here gets into our spirit man and we may sometimes find ourse...

Discussion 2
Discussion 2

I really think that social media shapes and reflec

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.