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____ [38]
3 years ago
11

In 2018, CPS Company changed its method of valuing inventory from the FIFO method to the average cost method. At December 31, 20

17, CPS's inventories were $32 million (FIFO). CPS's records indicated that the inventories would have totaled $23.8 million at December 31, 2017, if determined on an average cost basis.
Prepare the journal entry to record the adjustment. (Ignore income taxes.) (Enter your answers in millions (i.e., 5,500,000 should be entered as 5.5). Round your answers to 1 decimal place. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Business
1 answer:
MaRussiya [10]3 years ago
4 0

Answer:

Dr Retained earnings $8.2

Cr Inventory $8.2

Explanation:

By changing method of an inventory valuation, the company should apply it retrospectively based on IAS 8 guidelines on change in accounting estimates and errors. Thus, the said difference from FIFO method to Weighted Average method of valuation should be credited directly against Retained earnings account because, accounts are already closed right after the year ended.

$32-$23.8= $8.2 million

To record the said adjustment you have to

Debit Retained earnings and credit Inventory in the amount of $8.2 million.

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When companies follow the key factors of Corporate Social Responsibility, a __________ usually results, thus __________.
KengaRu [80]

Answer:

positive public image, attracting more customers

Explanation:

7 0
2 years ago
Journalize the entries to record the following.
vredina [299]

Answer:

Explanation:

The journal entries are shown below:

1. Petty cash A/c $1,100

       To Cash A/c $1, 100

(Being the petty cash fund is established)

2. Office supplies A/c Dr $614

   Miscellaneous selling expense A/c Dr $200

   Miscellaneous administrative expense A/c Dr $145

   Cash short and over A/c $26

             To Petty cash A/c $985

(Being the expenses are recorded)

The Cash short and over is computed below:

= $1,100 - $115- $614 - $200 - $145

= $26

4 0
3 years ago
In ________ organizational cultures, more individuality is shown through the organization's rules being less strictly applied.
kap26 [50]

Answer:

weak

Explanation:

An organization's culture describe the behavior of an organization. It comprised of the beliefs and values that should be shared in the organization

In the case when there is a weak organization culture so here the rules of the organization should be less strictly followed instead of more strictly followed as it is a weak organization structure

Therefore the weak should be the term that should be applied in the current situation

3 0
3 years ago
when choosing clothes for an interview, a good rule of thumb is to dress_the job you are applying for ​
Romashka-Z-Leto [24]

Answer:

accordingliy, or dress to impress

Explanation:

lol

8 0
3 years ago
Read 2 more answers
In service companies, __________ is supported by a cost ledger with a job cost sheet for each client. a.Work in Process b.Cost o
laila [671]

Answer: Work in process

Explanation:

The work in process is basically refers to the work in the progress that helps in process the production of the products and the services.

The work in process is basically refers to the process inventory system that helps in managing the accounting period and also the cost is basically assigned for the inventory valuation.

According to the given question, the work in process is supported by the cost ledger that manages all the services with the client in the company. Therefore, Work in process is the correct answer.

 Therefore, Work in process is the correct answer.

7 0
3 years ago
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