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3 years ago

ILL MARK YOU BRAINLEST PLS HELP!!!

Business

1 answer:

tatuchka [14]3 years ago

8 0

Employee improves with items and benefits stock because it they have to refill everything

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In 2021, CPS Company changed its method of valuing inventory from the FIFO method to the average cost method. At December 31, 20

alekssr [168]

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

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3 years ago

Jackie is often surprised when she goes to other countries to learn that people do business so differently. For instance, in mee

DochEvi [55]

Answer:

Self reference criterion ( C )

Explanation:

The cultural differences seem strange to Jackie because she is relying on her self reference criterion

self reference criterion is the influence one's culture will have on the person when the person is exposed to a situation that is suppose to portray the culture the person is used to, but the situation portrays a different culture, hence based on her cultural values and experience she believes that small talks makes the meeting unnecessarily long

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3 years ago

What is john locke’s view of human nature?

skelet666 [1.2K]

That it aloud people to be selfish

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3 years ago

What skills does being an accessory designer require that being a sales representative does not?

FinnZ [79.3K]

The accessory designer is required to actually design accessories with their knowledge of fadhion, while the sales representative only needs the ability to sell the accessory.

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3 years ago

What is the eventual effect on real GDP if the government increases its purchases of goods and services by $50,000? Assume the m

Finger [1]

Answer:

a. The real GDP increases by $200,000.

a. The real GDP increases by $150,000.

Explanation:

a. What is the eventual effect on real GDP if the government increases its purchases of goods and services by $50,000?

Eventual effect on real GDP = Amount of increase in government spending * (1 /(1 - MPC)) = $50,000 * (1 / (1 – 0.75)) = $200,000

Therefore, the real GDP increases by $200,000.

a. What is the eventual effect on real GDP if the government, instead of changing its spending, increases transfers by $50,000?

Eventual effect on real GDP = (Amount of increase in government transfers * (1 /(1 - MPC))) - Amount of increase in government transfers = ($50,000 * (1 / (1 – 0.75))) - $50,000 = $150,000

Therefore, the real GDP increases by $150,000.

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2 years ago