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This document compares the inventory accounting methods LIFO (Last In First Out) and FIFO (First In First Out) for Merrimack Tractors and Mowers in 2008. Using LIFO, the cost of goods sold is $62,000 thousand resulting in an extra income tax of $2,100 thousand compared to FIFO where the cost of goods sold is $56,000 thousand. FIFO results in an improved gross margin of $15,000 thousand compared to LIFO.
This document compares the inventory accounting methods LIFO (Last In First Out) and FIFO (First In First Out) for Merrimack Tractors and Mowers in 2008. Using LIFO, the cost of goods sold is $62,000 thousand resulting in an extra income tax of $2,100 thousand compared to FIFO where the cost of goods sold is $56,000 thousand. FIFO results in an improved gross margin of $15,000 thousand compared to LIFO.
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This document compares the inventory accounting methods LIFO (Last In First Out) and FIFO (First In First Out) for Merrimack Tractors and Mowers in 2008. Using LIFO, the cost of goods sold is $62,000 thousand resulting in an extra income tax of $2,100 thousand compared to FIFO where the cost of goods sold is $56,000 thousand. FIFO results in an improved gross margin of $15,000 thousand compared to LIFO.
Авторское право:
Attribution Non-Commercial (BY-NC)
Доступные форматы
Скачайте в формате DOCX, PDF, TXT или читайте онлайн в Scribd