In 2013 Anika Co

question 62

Essay

In 2013 Anika Co.adopted the simplified dollar-value LIFO method.Inventory under FIFO in 2013 and 2014 is $400,000 and $600,000,respectively.The Consumer Price Index for 2013 is 115 and the Consumer Price Index in 2014 is 125 percent.How much is Anika's inventory at the end of year 2014 under simplified LIFO?

Recognizing different income measurement approaches and their equations.

Identifying the criteria for revenue recognition in accrual accounting.

Distinguishing between various income concepts and their application in accounting today.

Understanding what comprises comprehensive income and exclusive elements from it.

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Definitions:

King of Spades

A playing card in the spade suit, traditionally depicted with a king holding a sword.

Independent Events

Events wherein the happening of one does not alter the chance of occurrence of the others.

Smart

Having or showing a quick-witted intelligence or being able to adapt and change responsive to the environment.

Funny

Causing laughter or amusement; humorous.