a) Explain three inventory valuation methods b) Discuss the implications of choosing different inventory methods on financial statement. c) How are these methods used to manipulate net income without violating the accounting principles?

a) Explain three inventory valuation methods b) Discuss the implications of choosing different inventory methods on financial statement. c) How are these methods used to manipulate net income without violating the accounting principles?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Step 1: Inventory valuation methods

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Step 2: a) 3 inventory valuation methods

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Step 3: b) Implications of using different methods on financial statements

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Wendy Marvel sold $260,000 of its inventory to Carla during 2021 for $400,000. Carla sold $300,000 of this merchandise in 2021 with the remainder to be disposed of during 2022. Assume Wendy Marvel owns 35% of Carla and has the ability to exert significant influence over Carla. What journal entry will be recorded at the end of 2021 to defer the recognition of the investor's share of the intra- entity gross profits? A) Equity in Carla B) C) D) Investment in Carla Investment in Carla Equity in Carla Equity in Carla Investment in Carla Investment in Carla Equity in Carla $35,000 $35,000 $12,250 $12,250 35,000 $35,000 $12,250 $12,250