By median real estate taxes paid in absolute dollars, Alabama ($742), West Virginia ($916), Arkansas ($1,031), South Carolina ($1,213), and Louisiana ($1,223) have the lowest property taxes. Even with a relatively low median home value of $159,900, Ohio’s high property tax rate means Ohioans pay an average amount in property taxes each year. Virginia has …
Average and Median Property Taxes in Every US StateRead More »
As given above, the total cost of the 130 gallons available for sale during the period was $285. Subtracting the cost of ending inventory of $125 leaves you with $160 for the COGS. In the FIFO method, the cost of goods sold is based on the cost of the oldest inventory items, and the ending …
Though it’s the easiest and most common valuation method, the downside of using the FIFO method is it can cause major discrepancies when COGS increases significantly. It’s important to note that FIFO is designed for inventory accounting purposes and provides a simple formula to calculate the value of ending inventory. But in many cases, what’s …
Mastering the FIFO Inventory Formula: A Step-by-Step GuideRead More »
However, one disadvantage of using FIFO is its complexity compared to other inventory methods. It requires constant monitoring and tracking since new shipments come in regularly while older ones need to be moved out first. Let’s say that a new line comes out and XYZ Clothing buys 100 shirts from this new line to put …
First-in, first-out FIFO method in periodic inventory systemRead More »
Businesses and individual benefit from the work ethic and experience at Fort Worth accounting firm Sides & Teagues CPAs PLLC. Sides & Teagues CPAs PLLC serves businesses in various industries and provides personalized service. The firm has been serving clients for more than three years and offers free consultations. W E Beck CPA PLLC has …
Dallas Fort Worth Bookkeeping Services TX- ProLedge, IncRead More »
The first is the American Institute of Professional Bookkeepers (AIPB), and the second is the National Association of Certified Public Bookkeepers (NACPB). Both offer similar benefits regarding membership, resources and renewable credentials. While other bookkeeping credentials do exist, those offered by AIPB and NACPB are the most renowned and respected. A bookkeeper certification tells employers …
Home American Institute of Professional BookkeepersRead More »
In accounting, an account is a specific asset, liability, or equity unit in the ledger that is used to store similar transactions. As someone who’s always had a knack for breaking down complex concepts, I’ve discovered that mastering the Normal Balance of Accounts is a game-changer for anyone delving into the world of finance. Whether …
Normal Balance of Accounts: Elevate Your Financial Skills with 7 TipsRead More »
A handwritten letter or card is a simple and inexpensive place to start. Instead of gifting someone a physical item, you may want to gift them an experience that can lead to a great memory. Giving a book as a gift is an amazing idea but what could be even better is an e-book subscription! This …
50 Sobriety Gifts Ideas, Effective Substance Abuse TreatmentRead More »
QuickBooks Online offers four pricing plans that start at $35/month and cost up to $235/month, depending on the number of features and users your business needs. QuickBooks Enterprise is the most customizable and powerful version of all the QuickBooks products, making it ideal for larger businesses with complex finances. It builds on Premier Plus with …
QuickBooks® Online Pricing & Free Trial Official SiteRead More »
Examples of pure service companies include accounting firms, law offices, real estate appraisers, business consultants, professional dancers, etc. Even though all of these industries have business expenses and normally spend money to provide their services, they do not list COGS. Instead, they have what is called “cost of services,” which does not count towards a COGS deduction. The …
Cost of Goods Sold Learn How to Calculate & Account for COGSRead More »
