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Book O Hint Print erences 2022 2023 81,600 87,800 72,200 81,600 Required: 1. Ignoring income taxes, prepare the 2024 journal entry to adjust the accounts to reflect the average cost method. 2. How much higher or lower would cost of goods sold be in the 2023 revised income statement? Complete this question by entering your answers in the tabs below. Required 1 Required 2 How much higher or lower would cost of goods sold be in the 2023 revised income statement? Cost of goods sold for 2023 would be in the revised income statement.

Book O Hint Print erences 2022 2023 81,600 87,800 72,200 81,600 Required: 1. Ignoring income taxes, prepare the 2024 journal entry to adjust the accounts to reflect the average cost method. 2. How much higher or lower would cost of goods sold be in the 2023 revised income statement? Complete this question by entering your answers in the tabs below. Required 1 Required 2 How much higher or lower would cost of goods sold be in the 2023 revised income statement? Cost of goods sold for 2023 would be in the revised income statement.

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter22: Accounting For Changes And Errors.
Section: Chapter Questions
Problem 4P: Schmidt Company began operations on January 1, 2018, and used the LIFO inventory method for both...
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8 Goldmeyer Company has used the FIFO method of inventory valuation since it began operations in 2021. Goldmeyer decided to change to the average cost method for determining inventory costs at the beginning of 2024. The following schedule shows year-end inventory balances under the FIFO and average cost methods: eBook 101 Hint D Print References Year 2021 2022 2023 FIFO $46,200 81,600 87,800 Required: 1. Ignoring income taxes, prepare the 2024 journal entry to adjust the accounts to reflect the average cost method. 2. How much higher or lower would cost of goods sold be in the 2023 revised income statement? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Ignoring income taxes, prepare the 2024 journal entry to adjust the accounts to reflect the average cost method. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Average Cost $ 56,400 72,200 81,600 < Journal entry worksheet 1 Record the adjustment necessary to reflect the average cost method. Note: Enter debits before credits. Event 1 Record entry General Journal Clear entry Debit Credit View general journal >
Transcribed Image Text:8 Goldmeyer Company has used the FIFO method of inventory valuation since it began operations in 2021. Goldmeyer decided to change to the average cost method for determining inventory costs at the beginning of 2024. The following schedule shows year-end inventory balances under the FIFO and average cost methods: eBook 101 Hint D Print References Year 2021 2022 2023 FIFO $46,200 81,600 87,800 Required: 1. Ignoring income taxes, prepare the 2024 journal entry to adjust the accounts to reflect the average cost method. 2. How much higher or lower would cost of goods sold be in the 2023 revised income statement? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Ignoring income taxes, prepare the 2024 journal entry to adjust the accounts to reflect the average cost method. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Average Cost $ 56,400 72,200 81,600 < Journal entry worksheet 1 Record the adjustment necessary to reflect the average cost method. Note: Enter debits before credits. Event 1 Record entry General Journal Clear entry Debit Credit View general journal >
8 Goldmeyer Company has used the FIFO method of inventory valuation since it began operations in 2021. Goldmeyer decided to change to the average cost method for determining inventory costs at the beginning of 2024. The following schedule shows year-end inventory balances under the FIFO and average cost methods: eBook Hint Print References Year 2021 2022 2023 FIFO $ 46,200 81,600 87,800 Average Cost $ 56,400 72,200 81,600 Required: 1. Ignoring income taxes, prepare the 2024 journal entry to adjust the accounts to reflect the average cost method. 2. How much higher or lower would cost of goods sold be in the 2023 revised income statement? Complete this question by entering your answers in the tabs below. Required 1 Required 2 How much higher or lower would cost of goods sold be in the 2023 revised income statement? Cost of goods sold for 2023 would be < Required 1 in the revised income statement. Required 2 >
Transcribed Image Text:8 Goldmeyer Company has used the FIFO method of inventory valuation since it began operations in 2021. Goldmeyer decided to change to the average cost method for determining inventory costs at the beginning of 2024. The following schedule shows year-end inventory balances under the FIFO and average cost methods: eBook Hint Print References Year 2021 2022 2023 FIFO $ 46,200 81,600 87,800 Average Cost $ 56,400 72,200 81,600 Required: 1. Ignoring income taxes, prepare the 2024 journal entry to adjust the accounts to reflect the average cost method. 2. How much higher or lower would cost of goods sold be in the 2023 revised income statement? Complete this question by entering your answers in the tabs below. Required 1 Required 2 How much higher or lower would cost of goods sold be in the 2023 revised income statement? Cost of goods sold for 2023 would be < Required 1 in the revised income statement. Required 2 >
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