Arthur corporation uses the dollar-value last-in, first-out (lifo) method to measure its inventories. historical information indicates the following:
inventory at price inventory at
year end-of-year prices index base-year prices
1 $100,000 100 $100,000
2 102,440 104 98,500
3 121,000 110 110,000
during year 4, inventory at end-of-year and base-year prices totaled $125,440 and $112,000, respectively. the ending inventory at lifo cost for year 4 is:

Accounts receivable arising from sales to customers amounted to $40,000 and $55,000 at the beginning and end of the year, respectively. income reported on the income statement for the year was $180,000. exclusive of the effect of other adjustments, the cash flows from operating activities to be reported on the statement of cash flows is

Which alternative accounting method allows farmers to record expenses and incomes in the year in which they sell their yield? gaap allows for the method, which permits farmers to subtract the expenses of producing the crop in the year in which they sell the yield and earn the revenue.

Robert black, regional manager for ford in texas and oklahoma, faced a dilemma. the ford f-150 pickup truck was the best-selling pickup ever, yet ford's headquarters in detroit had decided to introduce a completely redesigned f-150. how could mr. black sell both trucks at the same time? he still had "old" f-150s in stock. in his advertising, mr. black referred to the new f-150s as follows: "not a better f-150. just the only truck good enough to be the next f-150." this statement represents ford's of the new f-150.