Question: Anderson Corporation's January 1, 2021, finished goods inventory was $85,000. January 1, 2022, finished goods inventory is $75,000. The cost of goods manufactured for FY 2021 was $420,000. Use this information to determine the dollar amount of the FY 2021 cost of goods sold.

Question: Anderson Corporation's January 1, 2021, finished goods inventory was $85,000. January 1, 2022, finished goods inventory is $75,000. The cost of goods manufactured for FY 2021 was $420,000. Use this information to determine the dollar amount of the FY 2021 cost of goods sold.

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 4RE: Refer to RE22-2. Assume Heller Company had sales revenue of 510,000 in 2019 and 650,000 in 2020....

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Question:
Anderson Corporation's January 1, 2021, finished goods inventory was $85,000. January 1, 2022, finished goods inventory is $75,000.
The cost of goods manufactured for FY 2021 was $420,000.
Use this information to determine the dollar amount of the FY 2021 cost of goods sold.

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Refer to RE22-2. Assume the pretax cumulative effect adjustment is 50,000. Prepare the journal entry that Heller Company would make at the beginning of 2020 to record the cumulative effect of the change from LIFO to FIFO. RE22-2 Heller Company began operations in 2019 and used the LIFO method to compute its 300,000 cost of goods sold for that year. At the beginning of 2020, Heller changed to the FIFO method. Heller determined that its cost of goods sold under FIFO would have been 250,000 in 2019. For 2020, Hellers cost of goods sold under FIFO was 360,000, while it would have been 410,000 under LIFO. Heller is subject to a 21% income tax rate. Compute the cumulative effect of the retrospective adjustment on prior years income (net of taxes) that Heller would report on its retained earnings statement for 2020.
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