User Account

All Pages

Adonis industries changed its method of valuing inventory

Assignment Help Accounting Basics
Reference no: EM13879279

1.In 2013, Adonis Industries changed its method of valuing inventory from the average cost method to the FIFO method. At December 31, 2012, Adonis's inventories were $47.6 million (average cost). Adonis's records indicated that the inventories would have totaled $64 million at December 31, 2012, if determined on a FIFO basis. Ignoring income taxes, what journal entry will Adonis use to record the adjustment in 2013?

Reference no: EM13879279

Questions Cloud

How many calls must you write to achieve hedged position : You purchase ten shares of some stock. The delta of a certain call on this stock is 0.63339, and the gamma of this call is 0.073. The delta of a put with the same terms as the call is !0.27145. You wish to delta and gamma hedge your position by purch..
Prepare an adjusted income statement and balance sheet : Task:  Prepare an adjusted Income Statement and Balance Sheet.  Use a statutory tax rate of 35% to record income taxes payable and income tax expense.
Company changed its method of valuing inventory : 1.In 2013, the Barton and Barton Company changed its method of valuing inventory from the FIFO method to the average cost method.
Benefits and costs of using a common currency for greece : What are the benefits and costs of using a common currency for Greece, Germany, and the EU - how do the austerity programs imposed by the bailouts help a Greek firm that exports olive oil?
Adonis industries changed its method of valuing inventory : 1.In 2013, Adonis Industries changed its method of valuing inventory from the average cost method to the FIFO method.
Case- iams and eukanuba understand people who love pets : Case- Iams and Eukanuba Understand people who love Pets. Why would consumers continue spending on their pets even during an economic downturn? Explain your answer in terms of consumes baying behavior concepts\
Prepare a production cost report for the month ended march : Aromatic Company for its line of perfume products for the month ended March 3. Prepare a production cost report for the month ended March 31, using the average cost method.
Determine the ratio uo-umax : Water flows steadily through the round pipe in the figure. The entrance velocity is Vo. The exit velocity approximates turbulent flow, u = umax(1 - r/R) 1/7. Determine the ratio Uo/umax for this incompressible flow.
Write a for loop that computes the sum of all integers : Write a for loop that computes the sum of all integers from 1 to 10

Reviews

Write a Review

Accounting Basics Questions & Answers

  Prepare journal entries for the selected transactions

Prepare journal entries for the following selected transactions related to this company's stock during the current year:

  Case study of martinez company

Martinez Company has decided to introduce a new product. The new product can be manufactured by either a capital-intensive method or a labor-intensive method. The manufacturing method will not affect the quality of the product. The estimated manuf..

  Translating foreign subsidiary income statements

When translating foreign subsidiary income statements using the current rate method why are some accounts translated at an average rate?

  Derrick iverson is a divisional manager for holston company

derrick iverson is a divisional manager for holston company. his annual pay raises are largely determined by his

  Franklin craft store completed following merchandising

franklin craft store completed the following merchandising transactions in the month of october. at the beginning of

  Qualitative factors that affect the auditor judgment

Qualitative factors that affect the auditor judgment

  Prepare a balance sheet for cornell corp

Prepare a 2011 balance sheet for Cornell Corp. based on the following information: cash = $136,000; patents and copyrights = $630,000; accounts payable = $215,000;

  Beginning wip inventory is 900 units completed and

beginning wip inventory is 900 units completed and transferred out were 3400 units and ending wip inventory is 800

  Compute the overhead spending variance and the volume

standard manufacturing overhead based on normal monthly volume fixed 302300 divide 20000 units 15.12 variable 100000

  Revenue expenditures and capital expenditures

Explaining the differences between revenue expenditures and capital expenditures

  Issue on accountants and auditors

Determine the impact that the Act had on that particular issue, on accountants and auditors, and on stakeholders.

  Financial statements for a for-profit business

How does the audit opinion given to a city by its independent auditors differ from the audit opinion rendered on the financial statements for a for-profit business?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd