Coronado Company began operations on January 1, 2023, and uses the average-cost method of pricing inventory Management is contemplating a change in inventory methods for 2026. The following information is available for the years 2023-2025. 2023 2024 2025 Net Income Computed Using Average-Cost Method FIFO Method $16,140 17,960 20,000 (Ignore all tax effects.) (a) $19,020 20,890 25,230 LIFO Method $11.880 13,970 17.160 Prepare the journal entry necessary to record a change from the average-cost method to the FIFO method in 2026. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amounts. List debit entry before credit entry)

Coronado Company began operations on January 1, 2023, and uses the average-cost method of pricing inventory Management is contemplating a change in inventory methods for 2026. The following information is available for the years 2023-2025. 2023 2024 2025 Net Income Computed Using Average-Cost Method FIFO Method $16,140 17,960 20,000 (Ignore all tax effects.) (a) $19,020 20,890 25,230 LIFO Method $11.880 13,970 17.160 Prepare the journal entry necessary to record a change from the average-cost method to the FIFO method in 2026. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amounts. List debit entry before credit entry)

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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AutoSave Off H Document2 - Word P Search (Alt+Q) Sign in File Design References Mailings Review View Help Grammarly Picture Format P Comments A Share Home Insert Draw Layout P Find - - A A Aa v A = - E - E G Times New Roman v 12 Normal No Spacing Heading 1 Replace = = 1E v Editor Open Grammarly Paste BIU I U v - 2. A - ab x, x' A . A Select v Undo Clipboard a Font Paragraph Styles Editing Editor Grammarly a. At the beginning of the year, Addison Company's assets are $200,000 and its equity is $150,000. During the year, assets increase $80,000 and liabilities increase $46,000. What is the equity at year-end? Assets Liabilities Equity Beginning $ 200,000 = 150,000 Change 80,000 = 46,000 + Ending Page 1 of 1 O words Text Predictions: On * Accessibility: Good to go O Focus 110% 9:58 PM P Type here to search 49°F 3/20/2022 近

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