Answer:
The journal entry as at the end of the year will be
End of year Debit Cost of Goods Sold $110,000
Credit LIFO Reserve account $110,000
Explanation:
A FIFO method of inventory maintenance is when the first in first out(FIFO) method for inventory utilizations is followed. Here, the oldest inventory is used first followed by the next oldest inventory. Suppose I have in stock inventory purchased in March and May, when the demand for use of inventory arises, the March inventory purchased will be utilized first.
LIFO method works the opposite way. In the above case, when the demand for use of inventory arises, the May inventory purchased will be utilized first.
In this case, FIFO is changed to LIFO method which gives rise to and LIFO reserve account of $50,000/- at the beginning of the year. Through the year, the difference in inventory maintenance method, further increases the LIFO reserve by $60,000/-. Hence the total reserve created due to inventory method change is $50,000+$60,000 = $110,000/-. The change in inventory maintenance will have a direct impact on cost of goods sold(COGS). Hence COGS is debited.
Answer:
Home Journal magazine
Explanation:
In communication, medium is what the message is conveyed on. It is the system or channel through which a message is transmitted from the sender to the recipient. The modern medium used in advertising is in the electronic format and includes the internet, telephone, and other electronic devices.
Tradition medium channels are television, radio, and print media such as newspapers and magazines. The ad for Maybelline age-minimizing appears in a magazine. The Ladies' Home Journal magazine is the medium for the ad.
Answer:
Maxwell world consider choice equal to $310000
Explanation:
given data
accept a salary = $60,000
salary = $25,000
bonus = 20% of net income
to find out
amount of income would be necessary so that Maxwell would consider
solution
we get here income by bonus that is express as
bonus = 2 ( income - bonus - salary ) ..............1
3500 = 2 ( income - ( 0.2 × 35000 ) - ( 0.2 × (75000 + 35000) )
solve it we get
income = $310000
so Maxwell world consider choice equal to $310000
