Methods of inventory are: · FIFO – First In First Out – under this method the inventory bought first will be sold first and the closing stock left is from the last purchases · LIFO – Last In First Out – under this method the inventory bought last will be sold first and the closing stock left is more from the first purchases. · Weighted Average Cost – Cost per unit of inventory will be the weighted average of cost where weights will be the quantity. To reduce tax liability, a company needs to reduce profit and increase costs. by using LIFO method , the cost of inventory would be higher as the price of last purchases would be higher under inflationary period. Using it would lead to higher cost. This will reduce the profit and therefore also reduce the tax liability of the company.
What number should be subtracted from both the terms of the ratio 17 : 21 so as to make it as 1 : 2 ?
The HCF of two numbers is 18 and their sum is 162. What is their LCM?
Consider the following statements :
1. Falkland Islands are situated in Pacific Ocean.
2. Red Sea separates Sudan from Egypt.
Number of faculties in Physics and Biology in an institute is in the ratio of 5:8 respectively. If 90 more faculties join Physics, while 48 more faculti...
In the middle of the year 2023, which entity or organization has released the Green Deposit Framework?
What is the main objective of the Atal Vayo Abhyuday Yojana (AVYAY)?
What is the maximum limit of gratuity payable under the act before the 2018 amendment?
Where are the maximum numbers of major ports located in India?
A typist can type 80 lines in 40 minutes but he leaves 8% margin on each line. In how much time he will type 92 pages with 160 lines on each page in whi...
The Trade Union Act, of 1926 provides for the dissolution of a trade union by a special resolution of its members or by an order of the _______.