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Drupady [299]
3 years ago
5

Macintosh Inc. changed from LIFO to the FIFO inventory costing method on January 1, 2021. Inventory values at the end of each ye

ar since the inception of the company are as follows: FIFO LIFO 2019 $ 190,000 $ 175,000 2020 380,000 350,000 Required: Ignoring income tax considerations, prepare the entry to report this accounting change.
Business
1 answer:
melamori03 [73]3 years ago
6 0

Answer:

the entry to report this accounting change is in the attachment.

Explanation:

By moving from LIFO to FIFO, there's is going to be an increase in the value of inventory from of 30,000. That is $380,000 - $350,000.

The answer to this question is to make a journal entry. I have done this in the attachment.

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2 years ago
La panamericana
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7 0
2 years ago
An increase in government spending of $300 billion and a tax cut of $300 billion will have _____ effects on the budget balance a
worty [1.4K]
An increase in government spending of $300 billion and a tax cut of $300 billion will have equal effects on the budget balance and unequal effects on real Gross Domestic Product (GDP). Expansionary will be the effect of a government deficit.

 

 





4 0
4 years ago
Katherine gives piano lessons for $15 per hour. She also grows flowers, which she arranges and sells at the local farmer's marke
katrin2010 [14]

Answer:

The accounting profits are $100, and the economic profits are $25

The option C. is correct

Explanation:

Accounting profit: The accounting profit is computed by subtracting the sales amount with the expenses.

In mathematically,

Accounting profit = Sales revenue - expenses

                             = $150 - $50

                             = $100

In this, the expense is the seeds cost

And, the economic profit is calculated by subtracting the accounting profit with the implicit cost

In mathematically,

Economic profit = Accounting profit - implicit cost

                          = $100 - $75

                          = $25

The implicit cost is computed by

= Per hour piano charges × number of hours

= $15 × 5

= $75

Hence, the accounting profits are $100, and the economic profits are $25

7 0
3 years ago
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