Question1: There are differences between a REA diagram and an ER diagram. In a 1-2 page paper, describe at least 3 differences and 3 similarities between the two diagrams.
Your paper should include the following:
- An explanation of what each acronym stands for and why
- Effects (of both REA and ER diagrams) on company's financial statements
- Implications of using one diagram over the other and vice versa
Question2: Froto had sales of $43500 and is in the 30% tax bracket a) Using FIFO determine 1) ending inventory 2) cost of goods sold 3) net income 4) ending cash b) Using LIFO determine 1) ending inventory 2) cost of goods sold 3) net income 4) ending cash c) how much money could Froto save by using LIFO versus FIFO?