The term LIFO reserve refers to
A) a cost flow assumption for valuing inventory
B) a special fund set aside to cover LIFO liquidation
C) inventory pools used in the dollar-value LIFO method
D) any difference between the ending inventory amount under LIFO and the ending inventory amount under FIFO or average cost
D
You might also like to view...
Why would market researchers use convenience samples?
What will be an ideal response?
Springfield Company purchases new factory equipment. Per the terms of the contract, Springfield must pay the freight charges, will receive a manufacturer's discount off the invoice price on the equipment, and will have some setup expenses to pay. As a result, the acquisition cost of equipment recorded on Springfield's books will be the sum of the invoice price
a. less any discounts, plus transportation costs, installation charges, and any other costs incurred before the equipment is ready for use. b. less any discounts and transportation costs, plus installation charges and any other costs incurred after the equipment is ready for use. c. plus transportation costs, installation charges, and any other costs incurred before the equipment is ready for use. d. less transportation costs, installation charges, and any other costs incurred after the equipment is ready for use. e. less any discounts and installation charges, plus transportation charges and any other costs incurred after the equipment is ready for use.
When rivalry between two organizations is bringing down prices in a market, the situation is
improved by the entrance of a third organization into the market. Indicate whether the statement is true or false
Principle factors influencing the choice of business organizational form include whether the firm will likely choose to exercise its power of condemnation
Indicate whether the statement is true or false