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1.In 2013, the Barton and Barton Company changed its method of valuing inventory from the FIFO method to the average cost method. At December 31, 2012, B & B's inventories were $32 million (FIFO). B & B's records indicated that the inventories would have totaled $23.8 million at December 31, 2012, if determined on an average cost basis. Ignoring income taxes, what journal entry will B & B use to record the adjustment in 2013? Briefly describe other steps B & B should take to report the change.
Madtack applies manufacturing overhead cost to jobs at the rate of 55% of direct labor cost incurred. The company does not close underapplied or overapplied manufacturing overhead to Cost of Goods Sold until the end of the year.
santana rey expected sales of her line of computer workstation furniture to equal 300 workstations at a sales price of
What is the relationship between the Securities and Exchange Commission and accounting standard setting in the United States?
Markus Industries is authorized by its corporate charter to issue 10,000 shares of preferred stock with a 7% dividend rate and a par value of $10 per share, and 25,000 shares of common stock with a par value of $2 per share.
julian berta and maria own 400 shares 400 shares and 200 shares respectively in jbm corporation with earnings and
rankine company estimates its bad debts expense by aging its accounts receivable and applying percentages to various
medtech inc. manufactures and sells diagnostic equipment used in the medical profession. its job costing system was
Use the indirect method of reporting cash flows from operating activites. Assume that equipment costing $125000 was purchased for cash and equipment costing $85000 with accumulated depreciation of $65000 was sold for $15000; that the stock was iss..
The incremental borrowing rate for the lessee is 10%; the lessor's implicit rate is 8% and is known by the lease. The present value of an annuity due of 1 for six years at 10% is 4.79079. The present value of an annuity due of 1 for six years at 8..
What amount of costs should be traced to specific products in the process?
a companys employees had the following earnings records at the close of the current payroll period employees earnings
austin company reports positive current eampp of 200000 and negative accumulated eampp of 300000. austin distributed
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