Chapter 5 Weekly Discussion

Related Solution

Wk7 DQ1_1630391561.d...

In today’s organizational concept, Intellectual property (IP) is the lifeblood of every organization which was not practiced previously. Today, an IP is considered as a target which is placed squarely...

Wk 7 DQ1

In today’s organizational concept, Intellectual

Introductions Discus...

Hello everyone, my name is Glancy Kelly, and my major is in Criminal Justice. As a person, I am one of those who love to mingle and be socially active with all. I love music and even can be called a p...

Introductions Discussion Board_Topics in Urban Sociology

Hello everyone, my name is Glancy Kelly, and my ma

Week 7 Discussion_16...

A. The advantage of inclusion of children with disabilities in classrooms with children without disabilities can be equal level of educational facilities being imparted to all types of children (Hong...

Week 7 Discussion

A. The advantage of inclusion of children with dis

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.

Student Solution

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

1 University

1 Course