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Question - In a recent annual report, J.M. Smucker, changed a previously reported inventory amount of $52 million to $54 million. How can an accounting change cause a company to increase a previously reported inventory amount? Are all accounting changes reported this way? If not, what are the other approaches to reporting accounting changes and provide an example for each.
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Prepare the journal entries on Ben's and Week's books if Ben transfers to Week land with a book value of $100,000 and a fair value of $150,000
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On April 2, 2013, Montana Mining Co. pays $ 3,721,000 for an ore deposit containing 1,525,000 tons.
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Standard variable manufacturing costs were $15 per unit, and total budgeted fixed manufacturing overhead was $150,000. If there were no variances, net income under absorption costing would be:
If the company's ending finished goods inventory of $128420 included $18600 of direct materials costs, determine the inventory's labor and overhead costs
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