User Account

All Pages

Goddard company has used the fifo method of inventory

Assignment Help Accounting Basics
Reference no: EM13578612

Goddard Company has used the FIFO method of inventory valuation since it began operations in 2010. Goddard decided to change to the average cost method for determining inventory costs at the beginning of 2013. The following schedule shows year-end inventory balances under the FIFO and average cost methods:

Goddard Company has used the FIFO method of inventory valuation since it began operations in 2010. Goddard decided to change to the average cost method for determining inventory costs at the beginning of 2013. The following schedule shows year-end inventory balances under the FIFO and average cost methods:
Year FIFO Average cost
2010 $ 45,000
$ 54,000
2011
78,000

71,000
2012
83,000

78,000
Required:
1.

Ignoring income taxes, prepare the 2013 journal entry to adjust the accounts to reflect the average cost method. (If no entry is required for an event, select "No journal entry required" in the first account field.)

2.How mch higher or lower would cost of goods sold be in the 2012 revised income statement?

Reference no: EM13578612

Questions Cloud

The statement of financial position for ruiz company : the statement of financial position for ruiz company includes the following accounts in british pounds accounts
A company allocates 750 overhead to each unit produced the : a company allocates 7.50 overhead to each unit produced. the company uses a plantwide overhead rate with direct labor
Peachtree allows you to add vendors and process vendor : peachtree allows you to add vendors and process vendor invoices for payment. what would be the transaction cycle? hint
On january 1 2011 zane manufacturing company purchased a : on january 1 2011 zane manufacturing company purchased a machine for 40000. the company expects to use the machine a
Goddard company has used the fifo method of inventory : goddard company has used the fifo method of inventory valuation since it began operations in 2010. goddard decided to
Can the null hypothesis be rejected at a the 005 level why : consider the minitab output shown below.two sample t-test and cisamplenmeanstdevse
Konerko inc expects to earn cash flows of 15023 16833 16101 : konerko inc. expects to earn cash flows of 15023 16833 16101 and 16680 over the next four years. if the company uses an
Calculate the probability that neither house sales nor : question the probability that house sales will increase in the next 6 months is estimated to be 0.25. the probability
Capwell corporation uses a periodic inventory system the : capwell corporation uses a periodic inventory system. the companys ending inventory on december 31 2013 its fiscal-year

Reviews

Write a Review

Accounting Basics Questions & Answers

  Determine for plan earnings per share of common stock

Determine for each plan the earnings per share of commonstock, assuming that the income before bond interest and income taxis 20,000.

  Determining the tax purposes

The remaining partners are comfortable with the payments, however, because Alvin brought in a large percentage of the firm's clients over the years, and thus is responsible for a large part of the firm's revenues, even after he retires. How will t..

  Determining major funds

Using a Governmental Agency or Not-for-Profit organization identify what are considered to be its major funds? In what key ways are major funds reported differently than non-major funds?

  Calculate the diluted earnings per share

Assuming there are no antidilutive securities, what is the number of shares Feterik should use to compute diluted earnings per share for the year ended December 31, 2011?

  Alternatively the employee can take 29000 at the date of

davenport inc. offers a new employee a lump-sum signing bonus at the date of employment. alternatively the employee can

  Should we capitalize or expense these organization costs

Should we Capitalize or Expense these organization costs

  How should customer payment records including reports

How should Customer payment records including reports and source documents be stored? (consider confidentiality). Also consider and Tax requirements for how data should be stored and for how long

  Discuss the use of adjusting entries in the preparation of

discuss the use of adjusting entries in the preparation of accurate financial

  A physical count of supplies on hand on december 31 2008

a partial trial balance of julie hartsack corporation is as follows on december 312008.dr. cr.supplies on hand

  Aviss taxable income for the year is 300000 and bests

aviss taxable income for the year is 300000 and bests taxable income for the year is 425000. for each of the scenarios

  Automating the insertion process

A manual insertion process takes 30 minutes and eight pounds of material to produce a product. Automating the insertion process requires 15 minutes of machine time and 7.5 pounds of material.

  A companys payroll runs 2800 every two weeks 200 per day

a companys payroll runs 2800 every two weeks 200 per day the last pay day was friday december 19th and the next pay day

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