This is an illegal question. You may ask about a person's convictions for drug related charges, but you should not ask about treatment. This could also be classified as a needless question, but mostly illegal.
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
At a business meeting, mr. smith is asked his opinion about a company proposal to give bonuses to workers who go above and beyond. mr. smith will be using what form of delivery?
?? this needs more context
Answer:
how is your day going I am the cootie man how is your day going on in the Gucci mane how
Explanation:
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