+ II 立 LE x v-V40ZDZ - ajnpaya O Connect A https://ezto.mheducation.com/ext/map/index.html?_con%3con&external_browser%3D0&launchUrl=https%253A%252F%252Fnew... Chapter 20 Homework penes Help Problem 20-1 (Algo) Change in inventory costing methods; comparative income statements [LO20-2] 3. The Cecil-Booker Vending Company changed its method of valuing inventory from the average cost method to the FIFO cost method at the beginning of 2021. At December 31, 2020, inventories were $119,000 (average cost basis) and were $123,000 a year earlier. Cecil-Bookers accountants determined that the inventories would have totaled $153,000 at December 31, 2020, and $158,000 at December 31, 2019, if determined on a FIFO basis. A tax rate of 25% is in effect for all years. 25 polnts Skipped One hundred thousand common shares were outstanding each year. Income from continuing operations was $390,000 in 2020 and %24515,000 in 2021. There were no discontinued operations either year. eBook Print Required: 1. Prepare the journal entry at January 1, 2021, to record the change in accounting principle. (All tax effects should be reflected in the deferred tax liability account.) 2. Prepare the 2021-2020 comparative income statements beginning with income from continuing operations (adjusted for any revisions). Include per share amounts. References Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the journal entry at January 1, 2021, to record the change in accounting principle. (All tax effects should be reflected in the deferred tax liability account.) (If no entry is required for a transaction/event, select "No journal entry required" in the first account ! + jo E P Type here to search +Do 冒回 F10 PriSc Ins F11 F12 & #3 2. 4. 9.

bok sk ences W Knowledge Check 03 Complete each sentence by selecting the correct term using the drop-down list. During a period of steadily rising costs, this method results in the highest amount of inventory reported on the balance sheet. IL U 00 8 prt sc ← 1 delete backspace

How to calculate this using the Periodic Weighted Formula method & the Perpetual FIFO method

Accounting Subject

ACC340 Accounting Systems I Chapter 15: P 15-5, page 612: Based on the inventory process control goals discussed in this chapter, explain the impact of using a periodic inventory process instead of a perpetual process. Be sure to also discuss how you would design the process to attempt to meet the same control objectives using this periodic process.

Answer please

Exercise 6-9 Moving weighted average cost flow assumption-perpetual LO2, 3 Telamark Company uses the moving weighted average method for inventory costing. Required: The following incomplete inventory sheet regarding Product W506 is available for the month of March 2023. Complete the inventory sheet. (Use the value of the ending inventory as your base number and adjust the COGS $ amount to the required amount to make the Total Goods Available for Sale to the total of the Value of the ending inventory and the COGS total. Negative value should be indicated with minus sign. Round your intermediate and final answers to 2 decimal places.) Date Units Mar 1 2 3 4 7 17 28 Purchases/Transportation-In/ (PurchaseReturns/Discounts) 32 Cost/Unit Brought Forward 27 $ 96.00 97.00 Total $ Cost of Goods Sold/(Returns to Inventory) Units Cost/Unit 40 (20) 47 35 Total $ Units 52 $ Balance in Inventory Avg Cost/Unit 94.00 $ Total $ 4,888.00