User Account

All Pages

Prepare the journal entry to record the adjustment

Assignment Help Accounting Basics
Reference no: EM131000216

In 2011, CPS Company changed its method of valuing inventory from the FIFO method to the average cost method. At December 31, 2010, CPS's inventories were $32 million (FIFO). CPS's records indicated that the inventories would have totaled $23.8 million at December 31, 2010, if determined on an average cost basis.

Required:

1. Prepare the journal entry to record the adjustment. (Ignore income taxes.)

2. Briefly describe other steps CPS should take to report the change. 

Reference no: EM131000216

Questions Cloud

Bosco company adopted the dollar value lifo retail method : Bosco Company adopted the dollar-value LIFO retail method at the beginning of 2011. Information for 2011 and 2012 is as follows, with certain data intentionally omitted:
Briefly point out the faulty reasoning : Briefly point out the faulty reasoning in each of the following situations: You win a free, nontransferable ticket to a Sheryl Crow concert. Since the ticket is free and it will therefore cost you nothing to go, you decide to go to the concert.
Target cells refer to cells that contain : Target cells refer to cells that contain_____ for a particular hormone
Cholesterol is the substrate for the synthesis : Cholesterol is the substrate for the synthesis of ______ hormones in the gonads and adrenal cortexT
Prepare the journal entry to record the adjustment : Prepare the journal entry to record the adjustment. (Ignore income taxes.) Briefly describe other steps CPS should take to report the change.
How much higher or lower would cost of goods sold : How much higher or lower would cost of goods sold be in the 2012 revised income statement?
Wmc uses the periodic inventory system : Determine the effect of these errors on retained earnings at January 1, 2011, before any adjustments. Explain your answer. (Ignore income taxes.)
For each of the following inventory errors occurring in 2011 : Assume that the error is not discovered until 2012 and that a periodic inventory system is used. Ignore income taxes.
A project history of your recent trillo apparel company : Prepare an 8-10 page report in Word. This report should include a project history of your recent Trillo Apparel Company District 4 Production Warehouse Move experience over the last five weeks. Include appropriate reports from your final project plan..

Reviews

Write a Review

Accounting Basics Questions & Answers

  Investment as trading securities

Goofy reclassified this investment as trading securities in December of 2009 when the market value had risen to $125,000. What effect on 2009 income should be reported by Goofy for the Crazy Co. Shares?

  Assume that last year 2011 aampa products had a net

assume that last year 2011 aampa products had a net operating loss of 50000 and for this problem aampa products

  31 the petty cash fund has 29 in cash and 284 in petty cash

the following petty cash transactions of lexite laminated surfaces occurred in augustaug 1 established a petty cash

  The kelsh company has two divisions--north and south the

the kelsh company has two divisions--north and south. the divisions have the following revenues and expenses north

  Discussing the home computer

During a social event, Muriel and Earl are discussing the home computer each recently purchased. Although the computers are identical makes and models, Muriel is surprised to learn that she paid a sales tax, while Earl did not. Comment as to why th..

  What is the minimum price per unit that would produce a

down home jeans co. has an annual plant capacity of 63100 units and current production is 46000 units. monthly fixed

  Mr mrs thompson intented to file their return as marry

mr mrs thompson intented to file their return as marry filing jointly. they have 2 children 12 yrs daughter shelly and

  Describe the tolerable exception rate

Describe the tolerable exception rate and how you would use this as an auditor. Explain how you would determine the rate you select.

  Net short-term capital loss

Robin Corporation has ordinary income from operations of $30,000, net long-term capital gain of $10,000, and net short-term capital loss of $15,000. What is the taxable income for 2007?

  A project will require an initial investment of 300000 and

a project will require an initial investment of 300000 and will return 75000 each year for eight years. if taxes are

  Find variable overhead spending variance for month

Suski Corporation has a standard cost system in which it applies manufacturing overhead to products on the basis of standard machine-hours (MHs). What was the variable overhead spending variance for the month?

  Transaction-translation and economic exposures

What are the differences among transaction, translation, and economic exposures? Should all of them be ideally reduced to zero?

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