FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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- Explain why proponents of LIFO argue that it provides a better match of revenue and expenses. In what situations would it not provide a better match? Be specific. The management of the Esquire Oil Company believes that the wholesale price of heating oil that they sell to homeowners will increase again as the result of increased political problems in the Middle East. The company is currently paying $0.80 per gallon. If they are willing to enter an agreement in November 2021 to purchase a million gallons of heating oil during the winter of 2022, their supplier will guarantee the price at $0.80 per gallon. However, if the winter is a mild one, Esquire would not be able to sell a million gallons unless they reduced their retail price and thereby increase the risk of a loss for the year. On the other hand, if the wholesale price did increase substantially, they would be in a favorable position with respect to their competitors. The company’s fiscal year-end is December 31. Discuss the…arrow_forwarddevarrow_forwardCoparrow_forward
- [The following information applies to the questions displayed below.] A company like Golf USA that sells golf-related inventory typically will have inventory items such as golf clothing and golf equipment. As technology advances the design and performance of the next generation of drivers, the older models become less marketable and therefore decline in value. Suppose that in the current year, Ping (a manufacturer of golf clubs) introduces the MegaDriver II, the new and improved version of the Mega Driver. Below are year-end amounts related to Golf USA's inventory. Inventory Shirts Quantity 36 Unit Cost Unit NRV $65 $71 MegaDriver 16 370 290 MegaDriver II 31 390 430 3. Record any necessary adjusting entry to inventory. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 Record any necessary adjusting entry for inventory. Note: Enter debits before credits. Transaction 1 General…arrow_forwardHarper is shopping online and finds a great pair of running shoes at a really low price. However, he is not familiar with the company and is concerned with the accuracy of the website in presenting the quality of the shoes. Harper may be more willing to place an order with this company if: Multiple Choice the website displays the WebTrust seal. the company provides its annual report and the report of the independent auditors on its website. the company provides a money-back guarantee. only a partial payment is required prior to receiving the product.arrow_forwardHaresharrow_forward
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