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1. 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:
Required:1. Ignoring income taxes, prepare the 2013 journal entry to adjust the accounts to reflect the average cost method.2. How much higher or lower would cost of goods sold be in the 2012 revised incomestatement?
on september 1520x2 wall company a u.s. firm purchased a piece of equipment from a foreign firm for 500000 in foreign
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Determine the response that best completes the statements or questions.
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discuss the purpose of adjusting entries?what is the relationship of internal transactions to the adjusting
The highly liquid investments had maturities of 3 months or less when they were purchased. The stock investments will be sold in the next 6 to 12 months. The plant expansion project will begin in 3 years. What amount should Nayak report as “Cash and ..
rf company had january 1 inventory of 150000 when it adopted dollar-value lifo. during the year purchases were 900000
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