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
Parents can reduce their taxes by
using a child care tax credit. The government gives parents tax credit for each
child that they have. Unlike tax deduction and exemption, tax credit can be able
to reduce more in the parents’ tax bill. Tax deduction just tries to lower the
taxable income and not a reduction in other areas.
The uniform commercial code is a law that requires that products are free of defects when they are sold.
<h3>What is the uniform commercial code?</h3>
This is a term, that is used to refer to all of the commercial laws that are used to apply to the buying and the selling of goods in the US.
The law protects customers in such a way that the products are free of defects when they buy. The products can also be returned if they are not.
Raed more on the uniform commercial code here: brainly.com/question/15980446
Goal congruence is characterized as consistency or assertion of individual objectives with organization objectives. Everybody in the association should be paddling a similar way. That procedure gets extreme when you begin to set up assessment criteria for workers.
The control system ought to be planned in order to coordinate the individual objectives with authoritative objectives, and in this manner accomplish goal congruence. The answer is B.
Answer:
D that's the correct trust me