Goddard Company has used the FIFO method of inventory valuation since it began operations in 2008. Goddard
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1. Ignoring income taxes, prepare the 2011 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 2010 revised incomestatement?
Transcribed Image Text:
Yean FIFO Average Cost 200 45.000 200이 78,000 010 83,000 き54.000 71,000 78,000
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Requirement 1 Retained earnings 5000 Inventory 83000 78000 5000 Re...View the full answer
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Related Book For
Intermediate Accounting
ISBN: 978-0077400163
6th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson
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