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ehidna [41]
3 years ago
14

In 2018, the Barton and Barton Company changed its method of valuing inventory from the FIFO method to the average cost method.

At December 31, 2017, B & B’s inventories were $33.2 million (FIFO). B & B’s records indicated that the inventories would have totaled $24.4 million at December 31, 2017, if determined on an average cost basis. Ignoring income taxes, what journal entry will B & B use to record the adjustment in 2018?

Business
1 answer:
Colt1911 [192]3 years ago
6 0

Answer

The answer and procedures of the exercise is attached in a image.

Explanation  

Please consider the data provided by the exercise. If you have any question please write me back. All the exercises are solved in a single sheet with the formulas indications.  

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Answer:

d. Disclosed because of their usefulness to financial statements.

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A <em>liability</em> is a present obligation (Legal or Constructive) of an Entity that arises as a result of a past event and the settlement of which will result from an out flow of cash from the entity.

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