Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. in 2018, cps company changed its method of valuing

In 2018, CPS Company changed its method of valuing inventory from the FIFO method to...

50.1K

Verified Solution

Question

Accounting

image
In 2018, CPS Company changed its method of valuing inventory from the FIFO method to the average cost method. At December 31, 2017, CPS's inventories were $45 million (FIFO). CPS's records indicated that the inventories would have totaled $34.2 million at December 31, 2017, if determined on an average cost basis. Required 1. Prepare the journal entry to record the adjustment (Ignore income taxes.) (Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5). If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list Journal entry worksheet Record the adjustment necessary to reflect the average cost method. Note: Enter debits before credits General Journal Debit Credit Event Prex 3ct 4111 Next> . . 0

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

In detail discuss, with the use of practical examples, FOUR (4) management styles and the potential impact...

Operations Management
Q

Design a four-pole Chebychev bandpass filter which a passband of 4750 rads/sec to 5250 rad/s. The...

Electrical Engineering
Q

When two coherent waves interfere there is 1 Loss in energy 2 Gain in energy...

Physics
Q

A uniform rod of mass M and length 1 is dropped on horizontal smooth surface...

Physics
Q

The time dependence of a physical quantity p is given by p po exp at2...

Physics
Q

Question 7 7 To be a good liar you need to have a good memory...

Basic Math
Q

Find the formula for an exponential function that passes through the two points given.(-3, 10)...

Algebra
Q

Trinkle Company, Incorporated made several purchases of long-term assets in Year 1 . The details...

Accounting
Q

Compute interest and find the maturity date for the following notes. Hint: Omit the date...

Accounting
Q

Spiller Corp. plans to issue 6%, 9-year, $550,000 par value bonds payable that pay interest...

Accounting
Q

On march ,6 Housing bank/ main branch sold $10,000 bank's checks as order of Sun...

Accounting
Q

2. Consider a \\( \\$ 1,000 \\) par, \9 annual coupon bond with exactly three...

Finance