Question
In a period of rising prices and stable inventory
quantities, which of the following best describes the effect on gross profit of using LIFO as compared to FIFO?Solution
Compared to FIFO, Cost of goods sold under LIFO will be higher because the most recent higher costs units are assumed to be the first units sold. Higher COGS under LIFO will result in lower gross profit (revenue – cost of goods sold)
The marks scored by a boy in three subjects are in the ratio 3 : 5 : 6. Boy scored an overall aggregate of 70% in the exam. If the maximum marks in each...
If the price of a rice bag is reduced by (50/3)%, by what percentage should a family increase its consumption of rice bags to ensure that their total ex...
Sonu saves 15% of her income. If her income increases by 20% and she still saves the same amount as before, then what is the percentage increase in her ...
A bag contains 700 coins of 25p denomination and 1400 coins of 50p denominations. If 17% of 25p coins and 34% of 50p coins are removed, the percentage o...
- In an election between two persons, the winner secured 62% of the total votes and defeated the other by 3,600 votes. How many votes were secured by the per...
In a company interview test, 65% of the students passed in the first round, and 55% passed in the technical round, while 15% of students failed in both ...
In a bio gas plant the population of yeast bacteria increases at a rate of 19% per annum but there is an additional annual increase of 1% in population ...
Income of A is 55% of the Income of B and A together. The saving of B is 40% of his Income and equals to Rs. 10800. Find the difference between the inco...
A shopkeeper marks up the price of an article by 30% and then gives a 20% discount on the marked price. If the final selling price is ₹2,184, determin...
In a train, 40% of the passengers are females. Out of total number of passengers, 60% have unreserved tickets out of which 20% are females. How much per...