Please give answer How does dollar-value LIFO differ from traditionalLIFO in accounting records?a) Uses different cost flow assumptionb) Applies only to specific industriesc) Pools inventory by dollars not unitsd) Required for tax purposes

Explanation of Dollar-Value LIFODollar-value LIFO is an inventory valuation method where changes in…

Answered: How does dollar-value LIFO differ from…

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter4: Activity-based Costing

Section: Chapter Questions

Problem 7DQ

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How does dollar-value LIFO differ from traditional LIFO in accounting records? a) Uses different cost flow assumption b) Applies only to specific industries c) Pools inventory by dollars not units d) Required for tax purposes
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If the inventory reported on the statement of financial position is understated, then the net income reported on the income statement is understated. True or Flase
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In accounting for by-products, when the by-products are sold for more than the estimated sales value, the difference is: a. credited to Gain or Loss on Sale of By-Product b. debited to Gain or Loss on Sale of By-Product c. immaterial, so not recorded. d. credited to By-Product Inventory.
Which income statement account(s) would be affected by a policy choice at the same time as the inventory balance sheet account. a. Bad debts expense b. Cost of goods sold expense c. Depreciation or amortisation expense d. Sales revenue
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Which of the following is accounted for prospectively? Change in reporting entity. Change in the percentage used to determine warranty expense. Correction of an error. Changes from the weighted-average method of inventory costing to FIFO.

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How does dollar-value LIFO differ from traditional LIFO in accounting records? a) Uses different cost flow assumption b) Applies only to specific industries c) Pools inventory by dollars not units d) Required for tax purposes