Machino,Inc

question 170

Not Answered

Machino,Inc.began operations on January 1,2014.During 2016,management decided to change from average-cost method to FIFO for its merchandise inventories.The change was effective at January 1,2016.Management determined that cost of goods sold for each method would be:
The company's statements as reported under average-cost before implementing the accounting change for 2016,2015,and 2014,respectively,are presented below.The income tax rate for Machino is 40%.
Required:

Learn about the regulatory requirements for issuing stocks.

Understand dividend policies and their impact on investment decisions.

Understand the difference between performance efficiency and performance effectiveness.

Recognize the concepts of productivity and how it relates to team performance.

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Definitions:

Payroll Items

Components that make up the total compensation package on an employee's pay, including wages, salaries, benefits, taxes, and deductions.

Employer Responsibility

Obligations that an employer has towards their employees, which may include providing a safe working environment, fair wages, and complying with employment laws.

Employee Responsibility

The obligation of employees to complete assigned tasks, adhere to the company's policies, and act in the company’s interest.