Solution-Management has decided to switch from the fifo

Management has decided to switch from the fifo inventory

Reference no: EM131118890

Palmer Co. is evaluating the appropriate accounting for the following items.

1. Management has decided to switch from the FIFO inventory valuation method to the LIFO inventory valuation method for all inventories.

2. When the year-end physical inventory adjustment was made for the current year, the controller discovered that the prior year's physical inventory sheets for an entire warehouse were mislaid and excluded from last year's count.

3. Palmer's Custom Division manufactures large-scale, custom-designed machinery on a contract basis. Management decided to switch from the completed-contract method to the percentage-of completion method of accounting for long-term contracts. Identify and explain whether each of the above items is a change in accounting principle, a change in estimate, or an error.

Reference no: EM131118890

Questions Cloud

Simmons corporation owns stock of armstrong : Simmons Corporation owns stock of Armstrong, Inc prior to 2010 the investment was accounted for using the equity method. In early 2010, Simmons sold part of its investment in Armstrong, and began using the fair value method.

Making large-scale changes in your rough draft : 1. When revising you should avoid making large-scale changes in your rough draft.

Describe the delphi technique used to identify risks : Examine the four (4) types of risk response (i.e., avoidance, acceptance, transference, and mitigation) and determine the appropriate situation where each should be used.

Prepare a research paper about gut flora : Prepare a Research Paper about gut flora. The paper should include 2000 words. Please use the outline below. No references. Please include a cover page. How to improve levels of Gut Flora?

Management has decided to switch from the fifo inventory : When the year-end physical inventory adjustment was made for the current year, the controller discovered that the prior year's physical inventory sheets for an entire warehouse were mislaid and excluded from last year's count.

What is the public perception of healthcare institutions : What is the public's perception of healthcare institutions as being in a perpetual state of disaster preparedness? How does the view differ from the more than 264,300 injuries and illnesses in hospitals in 2006 reported by the Bureau of Labor Statist..

What are the inalienable rights of humans : Examine Kant's Categorical Imperative and trace the evolution of the rights of man from the American Revolution through other periods in U.S. history such as the Civil War, Women's Suffrage Movement, 1948 UN Declaration of Human Rights, Civil Ri..

Kill a mockingbird comparison : A Time to Kill and To Kill A Mockingbird Comparison -500 words

Quantitative studies relevant to your research topic : Find two peer-reviewed articles that provide examples of quantitative studies relevant to your research topic. These do not have to be exact to your topic or use data from the General Social Survey.

User Account

All Pages

Management has decided to switch from the fifo inventory

Reference no: EM131118890

Reference no: EM131118890

Questions Cloud

Reviews

Write a Review

Accounting Basics Questions & Answers

How much control does fed have over this longer real rate

Coures:- fundamental accounting principles

Accounting problems

Theory of interest - term structure of interest rates

Write a report on internal controls

Prepare the bank reconciliation for company

Cost-benefit analysis

Theory of interest

Liquidity and profitability

What is the expected risk premium on the portfolio

Simple interest and compound interest

Capm and venture capital

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT