Given the following data, what would the net income after taxes be if the company uses LIFO?
A. $8,960
B. $12,720
C. $13,440
D. $6,800
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ThedisclosureprinciplerequiresthatmanagementpreparefinancialreportsthatdiscloseallofthefollowingtypesofinformationEXCEPT:
A. informationthatisrelevanttodecisionmaking.
B. forecastsofexpectedfutureearningstohelpinvestorsdecidewhethertoinvestinthecompany.
C. themethodofinventoryused.
D. informationthatfacilitatescomparisonwithothercompanies'financialreports.
AcompanyusesLIFOinoneyear,thenswitchestoFIFOandthentoaverage-cost.Thisisaviolationofthe:
A. disclosureprinciple
B. historicalcostprinciple.
C. consistencyprinciple.
D. conservatismprinciple.
Thelower-of-cost-or-marketrulerequiresacompanytoreportinventoriesatthelowerof:
A. historicalcostorcurrentsalesprice.
B. historicalcostorcurrentreplacementcost.
C. currentreplacementcostorsalesinvoiceprice.
D. FIFOcostorLIFOcost.
Thegrossprofitpercentage:
A. ismarkupstatedasapercentageofcost.
B. isalsoknownasthegrossmarginpercentage.
C. willincreaseifacompanyisexperiencingfinancialdifficulty.
D. fluctuatessignificantlyformostcompaniesfromyeartoyear.
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