Answer :
Assume that q-mart uses a periodic lifo inventory system. during the year, it sold 14 units.
the dollar value of its cost of goods sold for the period
$240
First out (LIFO) is a technique used to represent how stock has been sold that records the most as of late created things as sold first. This strategy is prohibited under the Global Monetary Announcing Norms (IFRS), the bookkeeping rules continued in the European Association (EU), Japan, Russia, Canada, India, and numerous different nations.
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The U.S. is the main country that permits rearward in, first out (LIFO) since it sticks to Proper accounting rules (GAAP).
There are two choices to rearward in, first out (LIFO) for stock costing: earliest in, earliest out (FIFO) and the typical expense technique. In earliest in, earliest out (FIFO), the most established stock things are recorded as sold first.
The typical expense technique takes the weighted normal of all units ready to move during the bookkeeping time frame and afterward utilizes that typical expense to decide the expense of merchandise sold (Machine gear-pieces) and finishing stock.
First out (LIFO) is a strategy used to represent how stock has been sold that records the most as of late created things as sold first.
The U.S. is the main country that permits LIFO since it complies with Sound accounting standards (GAAP), as opposed to the Worldwide Monetary Announcing Norms (IFRS), the bookkeeping rules continued in the European Association (EU), Japan, Russia, Canada, India, and numerous different nations.
Essentially any industry that appearances increasing expenses can profit from utilizing LIFO cost bookkeeping.
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