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Mayfair Department Stores, Inc., operates over 30 retail stores in the Pacific Northwest. Prior to 2011, the company used the FIFO method to value its inventory. In 2011, Mayfair decided to switch to the dollar-value LIFO retail inventory method. One of your responsibilities as assistant controller is to prepare the disclosure note describing the change in method that will be included in the company's 2011 financial statements. Kenneth Meier, the controller, provided the following information:
(a) To provide a more consistent matching of merchandise costs with sales revenue, and
(b) The new method provides a more comparable basis of accounting with competitors that also use the LIFO method.
Required:
1. Prepare for Kenneth Meier the disclosure note that will be included in the 2011 financial statements.
2. Explain why the "cumulative effect of the change on prior years' income is not determinable."
1. we are purchasing a house which costs 450000 and we are mortgaging 80. use bank rate.com not the chartsa.
Clark Pierce conducts a wholesale merchandising business that sells approximately 5,000 items per month with a total monthly average sales value of $250,000.
Required: Prepare a Schedule of Cost of Goods Manufactured in the text box below
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Compute the weighted average number of shares to be used in computing earnings per share for 2010.
During the period, labor costs incurred on account amounted to $250,000 including $200,000 for production orders and $50,000 for general factory use. In addition, factory overhead applied to production was $23,000. From the following, select the e..
Lightning Electronics is a midsize manufacturer of lithium batteries. The company's payroll records for the November 1-14 pay period show that employees earned wages totaling $100,000 but that employee income taxes totaling $14,000 and FICA taxes ..
this situation is very similar to what a company called enron did several years ago. use the internet or the university
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O'Shea Enterprises started the 2002 accounting period with$30,000 of assets. Determine the percentage of total assets that were provided by creditors, investors, and earnings.
Prepare an analysis for ED management that compares processing the butter further with selling the product immediately at split off.
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