BTN 5-3 - Ethics Challenge (Golf Challenge Corp
Instructions
Go to Chapter 5 in your textbook and find the problem BTN 5-3 - Ethics Challenge (Golf Challenge Corp) on p. 273Follow the steps below to input your Initial Post in the Case Study - Ethics Challenge Discussion Board.The initial posting must be substantial and between 200-400 words in length.This activity provides you the opportunity to examine your mastery of several learning objectives contained in the first five chapters. Begin by reviewing Beyond the Numbers (BTN) assignment #5-3 on p. 273 in Chapter 5 of your textbook. Please be sure to review the examples below before making your initial post.
Answer
Golf Challenge Corp.The inventory method used by a firm has implications on both the profit and the tax requirements for the firm. Simeon et al. (p 1640) define inventory as the goods that have been purchased or produced with intentions to resell. The two inventory methods available for use are FIFO and LIFO. Both methods use assumptions since they are not linked to tracking the sale of the involved inventory. FIFO (First In, First Out) assumes that the inventory that was acquired first is sold first while LIFP (Last In, First Out) assumes that the inventory acquired last is sold first as explained by Simeon et al. (p 1641) Golf Challenge Corporation employed LIFO in its initial operation years but changed to FIFO after struggling with keeping up with the increasing costs of operation. The...
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