windaer Lomparry buyan speratiuma un Jeruary 1, 2018. and uaa the everupe-coat muthud of pris ng imentury. Munagement a cortLmpluting a hungs ir iventury me.hada far 2021. The fuloniry infurmation ia evai uble for the peara 2018 202o. Net Income Computed Using FIFO Method S19.030 21.010 24,050 LTFO Method Average-Cost Method $16,130 17,910 25.120 2018 $12,070 10,70 2014 2020 () Prepare the juurnal entry resoury io rucord e dharye from the arrege oal mslhud te the PIFU malhud in 2021. (Creult acrouwl Etles ure uulomalcaly maented when amount is entered. De mot mdent mamally. If no entry s reyurcd, seleet "Ne tntry" for the and enter o for the amounts. ) Account Titla and txplanalion Debst Crudit (b) Deturmine net inceme ta be rup:rted for 2018, 201s, and 2020, aftar giving uffect to the charge in accountirg principle. Net Tarame 2018 2019 (c) Assume Windsor Company used the LIFO method instead of the average cost method during the years 2018-2020. In 2021, Wintsor changed to the FIFO mechod. Prepare the joumal entry necessary to record the change in principle. (Credit account titles are automatically in Anant ie entared. no not indent manunly. I na antry le regnired, celect "Nn rntry" or the enwnt tihlae and enter a for the amonte. Account Titles and Explanation Debit Credit
windaer Lomparry buyan speratiuma un Jeruary 1, 2018. and uaa the everupe-coat muthud of pris ng imentury. Munagement a cortLmpluting a hungs ir iventury me.hada far 2021. The fuloniry infurmation ia evai uble for the peara 2018 202o. Net Income Computed Using FIFO Method S19.030 21.010 24,050 LTFO Method Average-Cost Method $16,130 17,910 25.120 2018 $12,070 10,70 2014 2020 () Prepare the juurnal entry resoury io rucord e dharye from the arrege oal mslhud te the PIFU malhud in 2021. (Creult acrouwl Etles ure uulomalcaly maented when amount is entered. De mot mdent mamally. If no entry s reyurcd, seleet "Ne tntry" for the and enter o for the amounts. ) Account Titla and txplanalion Debst Crudit (b) Deturmine net inceme ta be rup:rted for 2018, 201s, and 2020, aftar giving uffect to the charge in accountirg principle. Net Tarame 2018 2019 (c) Assume Windsor Company used the LIFO method instead of the average cost method during the years 2018-2020. In 2021, Wintsor changed to the FIFO mechod. Prepare the joumal entry necessary to record the change in principle. (Credit account titles are automatically in Anant ie entared. no not indent manunly. I na antry le regnired, celect "Nn rntry" or the enwnt tihlae and enter a for the amonte. Account Titles and Explanation Debit Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:windaer Lomparry buyan speratiuma un Jeruary 1, 2018. and uaa the everupe-coat muthud of pris ng imentury. Munagement a cortLmpluting a hungs ir iventury me.hada far 2021. The fuloniry infurmation ia evai uble for the peara 2018 202o.
Net Income Computed Using
FIFO Method
S19.030
21.010
24,050
LTFO Method
Average-Cost Method
$16,130
17,910
25.120
2018
$12,070
10,70
2014
2020
() Prepare the juurnal entry resoury io rucord e dharye from the arrege oal mslhud te the PIFU malhud in 2021. (Creult acrouwl Etles ure uulomalcaly maented when amount is entered. De mot mdent mamally. If no entry s reyurcd, seleet "Ne tntry" for the
and enter o for the amounts. )
Account Titla and txplanalion
Debst
Crudit
(b) Deturmine net inceme ta be rup:rted for 2018, 201s, and 2020, aftar giving uffect to the charge in accountirg principle.
Net Tarame
2018
2019
(c) Assume Windsor Company used the LIFO method instead of the average cost method during the years 2018-2020. In 2021, Wintsor changed to the FIFO mechod. Prepare the joumal entry necessary to record the change in principle. (Credit account titles are automatically in
Anant ie entared. no not indent manunly. I na antry le regnired, celect "Nn rntry" or the enwnt tihlae and enter a for the amonte.
Account Titles and Explanation
Debit
Credit
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