Answer:
Entry to record adjustment:
COGS Dr $9.4m
Inventory Cr $9.4m
Explanation:
The question relates to a change in accounting policy. According to IAS 8 (changes in accounting policy and estimate), a change in accounting policy is to be reflected retrospectively and prospectively, which means any changes should be implemented by bringing changes in the past records. Since CPS company has been using FIFO method, the inventory has been overstated in the financial statements. A shift to AVCO has resulted in a decrease in inventory value.
The value of inventory has to be reduced as a result of change in accounting policy (i.e $38m - $28.6m). This is the closing inventory so a reduction in the value of closing inventory results in an increase in cost of goods sold (COGS), therefore, the adjusting entry will be aimed at reducing inventory and increasing cost of goods sold, see as follows:
Entry:
COGS Dr $9.4m
Inventory Cr $9.4m
Answer: External secondary data
Explanation:
External secondary data are data gathered and saved by someone or a body that is not part of one's organization. Sources of External secondary data includes published materials, computerised databases and syndicated services.
Note that how difficult or easier it will be getting a secondary data will depend on the methods used in storing and indexing it.
Answer:
Adaptive manufacturing
Explanation:
Based on the information provided within the question it can be said that the production strategy that is being mentioned is called Adaptive manufacturing. This uses many practices in order to develop, produce, and deliver products with high demand, while also efficiently managing and using all the existing resources that the company has at it's disposal.
James Company is paid $6,000 in dividends from Mark Corp. on its equity investment. James lacks significant influence over Mark Corp. James Company should-----credit dividend revenue
<h2>Dividend Revenue Definition:</h2>
A dividend is defined because the fraction of the earnings of an organization that will be distributed among shareholders. Dividend revenue is that the income the individual shareholders or investors would receive according to the number of shares held.
<h3>Where is dividend in balance sheet?</h3>
When a corporation issues a stock dividend, it distributes additional quantities of stock to existing shareholders consistent with the number of shares they already own. Dividends impact the shareholders' equity section of the company balance sheet—the retained earnings, particularly .
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