Ask Question
BusinessBusiness
23 January, 00:37

If your pharmacy department used the First-In First-Out (FIFO) inventory method at the beginning of your fiscal year, should the Chief Financial Officer use the Last-In First-Out (LIFO) inventory method at the end of the year? a. yesb. noc. not applicable

+5
Answers (1)
  1. 23 January, 00:52
    0
    No, the Chief Financial Officer should not use the Last-In First-Out (LIFO) inventory method at the end of the year

    Explanation:

    If a different method is always used, then it would not be accurate. With the use of a different method, a different amount is obtained in the end.

    It just would not be accurate, so it is very important to use the same method each time.

    Thus, the Chief Financial Officer should use the same inventory method First-In First-Out (FIFO) inventory method (used at the beginning of your fiscal year), at the end of the year.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “If your pharmacy department used the First-In First-Out (FIFO) inventory method at the beginning of your fiscal year, should the Chief ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
Sam is the coach of a high school soccer team and has noticed that some close relationshipshave formed as well as feelings of camaraderie and shared responsibilities for the team's success. Which stage of development is the team in? A. Norming B.
Answers (2)
debits to Work in Process--Assembly Department for April, together with data concerning production, are as follows: April 1, work in process: Materials cost, 3,000 units $ 7,500 Conversion costs, 3,000 units, 80% completed 6,000 Materials added
Answers (1)
Which of the following factors were used by Fama and French in their multifactor model? A. Return on the market index B. Excess return of small stocks over large stocks C. Excess return of high book-to-market stocks over low book-to-market stocks D.
Answers (1)
According to the text, the typical difference between "quality circles" and "continuous improvement teams" is: quality circles work on product design only. continuous improvement teams work on product and process design.
Answers (1)
Aggregate demand is everything produced while simple demand is one good. which statement reflects simple demand? A. price of a new phone B. average price level C. national inflation rate
Answers (1)
New Questions in Business
Suppose that the government sets a price floor for milk that is above the competitive equilibrium price With the price floor, consumers are willing to purchase the quantity indicated where the price floor intersects the With the price floor, the
Answers (1)
Choose the best revision of the previous sentence. Because many executives have access to company jets boards of directors have a responsibility to ensure that shareholders are not footing the bill for personal travel.
Answers (1)
Who puts the federal budget together?
Answers (1)
Board Games, Inc. makes board games. The following data pertains to the last six months:Direct Labor HoursManufacturing OverheadMonth 1 45,000 $295,000Month 2 60,000 $320,000Month 3 57,000 $323,000Month 4 52,000 $247,250Month 5 34,000 $178,200Month
Answers (1)
Chick-fil-A's "Eat Mor Chikin" advertising campaign features three cows holding signs that say things like "Save the cows, eat more chicken.
Answers (1)
Home » Business » If your pharmacy department used the First-In First-Out (FIFO) inventory method at the beginning of your fiscal year, should the Chief Financial Officer use the Last-In First-Out (LIFO) inventory method at the end of the year? a. yesb. noc.
Sign Up Forgot Password?