I think it's C
I hope it helped you!
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
Explanation:
Disruptive technology, new business ventures, and increased availability of data are quickly changing traditional financial reporting and assurance processes. As a result, prospective auditors not only need to understand fundamental auditing concepts, but also need to anticipate the influence that disruptive technology will have on the profession. The following case study provides a lens through which prospective auditors can view the coming changes to the profession by asking them to consider how the online lending company, Kabbage, is currently disrupting the lending industry for non-traditional and small businesses. Students contemplate several fundamental auditing concepts such as audit evidence, financial statement assertions, and analytical procedures while also acquiring insight into the effects that new and disruptive technology will have on the profession. The intention is to encourage students to embrace coming changes and become lifetime learners.
Answer:
The company's cost to produce 1,000 gallons of product B is $7,131.25.
Explanation:
This can be calculatd as follows:
Product B share of joint cost = (Product B sales value / (Product B sales value + Product A sales value)) * Cost to split-off point = ($32.20 / ($32.20 + $3.00)) * $5,500 = 0.914772727272727 * $5,500 = 5,031.25
Product B total additional separable process beyond split-off = Additional cost per gallon * Number of gallons of product B produced = $2.10 * 1,000 = $2,100
Therefore, we have:
Company's cost to produce 1,000 gallons of product B = Product B share of joint cost + Product B total additional separable process beyond split-off = 5,031.25 + $2,100 = $7,131.25
Therefore, the company's cost to produce 1,000 gallons of product B is $7,131.25.
Videoconferencing, instant messaging, electric meetings, and even conference calls are considered. synchronous technology.
You may easily respond to modification requests, quickly develop new concept designs, and simultaneously update numerous elements of an assembly thanks to synchronous technology. Design reuse, working with imported data, making changes—all of these tasks are made quicker and simpler by synchronous technology.
With the help of Solid Edge's synchronous technology, you can quickly develop new concept designs, accept modification requests with ease, and update many elements of an assembly at once. This design flexibility enables you to do away with onerous preplanning and prevent feature failures, rebuild problems, and time-consuming rework. The ability to treat multi-CAD data as native files thanks to synchronous technology enables seamless communication with partners and suppliers.
Learn more about synchronous technology here
brainly.com/question/14319190
#SPJ4
