Accounting

1. In a period of rising prices would a company prefer FIFO or LIFO costing? Why?

2. Can a company use LIFO for tax reporting and FIFO for external reporting? Why?

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3. What are the external reporting objectives in accounting for uncollectible accounts?

4. What does the sales price variance indicate?

1. What is meant by the term net realizable value as it pertains to accounts receivable?

2. What is the impact on the financial statements of writing off a specific customer’s account receivable?

3. If a company’s Accounts Receivable account increases during the period, were cash collections from customers greater than or less than net sales?

Assume a company has two items for sale. Item 1 was produced on January 15 at a cost of $50,000 and Item 2 was produced on January 31 at a cost of $60,000. If the company sells Item 2 on February 5 and uses the FIFO method, what is the amount of cost of goods sold?

 

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