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tangare [24]
3 years ago
11

Lego Company has used the FIFO method since it began operations in 2023. Lego changed to the weighted average method in 2026. Th

e change was justified. In its 2026 financial statements, Lego included comparative statements for 2025 and 2024. The following are the year-end inventory balances under the FIFO and weighted average methods.
Year FIFO Weighted Average
2023 $108,000 $90,000
2024 $134,000 $122,000
2025 $166,000 $140,000
What adjustment should be made to Cost of Goods Sold retrospectively for the year ended December 31, 2025?
a. $22,000 decrease
b. $8,000 decrease
c. $14,000 increase
d. $18,000 increase
e. $24,000 increase
Business
1 answer:
Viktor [21]3 years ago
5 0

Answer:

c. $14,000 increase

hope it helps

mark me as brainloeast

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For financial reporting, Clinton Poultry Farms has used the declining-balance method of depreciation for conveyor equipment acqu
Llana [10]

Answer:

The answer is given below

Explanation:

Depreciable cost at 31 December 2021 (2,848,000-2,004,000)

Depreciable Cost                               $844,000

Less: Residual value                           ($232,000)

Written down value as at January 1 ,2021 612,000

Depreciation per year as per straight line method (612,000/3) $204,000

Depreciation expense   Dr.$204,000

Accumulated Depreciation Cr.$204,000

The change in depreciation method is change in estimate which is always accounted for prospectively.Therefore the written down value as at January 2021 will be depreciation over remaining useful life of the asset which is 3 years

4 0
3 years ago
Turrubiates Corporation makes a product that uses a material with the following standards: Standard quantity 7.6 liters per unit
frosja888 [35]

Answer:

Direct material quantity variance= $1,260 unfavorable

Explanation:

Giving the following information:

Standard quantity of 7.6 liters per unit

Standard price $ 2.10 per liter

The company budgeted for production of 3,400 units.

The actual production was 3,500 units.

The company used 27,200 liters of direct material to produce this output.

To calculate the direct material quantity variance, we need to use the following formula:

Direct material quantity variance= (standard quantity - actual quantity)*standard price

Standard quantity= 3,500 units* 7.6= 26,600

Direct material quantity variance= (26,600 - 27,200)*2.1= $1,260 unfavorable

<u>It is unfavorable because the company used more material than estimated to produce 3,500 units.</u>

6 0
3 years ago
Capital budgeting is the process of planning and controlling investments in assets that are expected to produce cash flows for o
sergij07 [2.7K]

Answer:

false

Explanation:

Capital budgeting is the process taken to evaluate and determine the profitability of an investment. capital budgeting can be done for projects that have cash flows of more than one year

capital budgeting methods include :

Net present value

internal rate of return

accounting rate of return

payback period

6 0
3 years ago
Help plz! Will mark brainliest!!!
dimaraw [331]

Answer:

Record all transactions in a check register.

Explanation:

It's easier to track how money is spent if there is a paper trail.

5 0
3 years ago
Seth appears to be taken aback by the number of files on his desk and his coworker’s comments about his boss. This reaction depi
ycow [4]

Answer:

ENCOUNTER

Explanation:

Seth appears to be taken aback by the number of files on his desk and his coworker’s comments about his boss. This reaction depicts the Encounter stage of the socialization process.

4 0
3 years ago
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