Question

In this simulation, you are asked questions about changes in accounting policy. Prepare responses to all parts.


Journal Entries
Prepare the journal entry necessary to record a change from the average cost method to the FIFO method in 2011.
Financial Statements
Assuming Garner had the accounting change described above, Garner’s income in 2011 was $30,000. Compute basic and diluted earnings per share for Garner Company for 2011. Show how income and EPS will be reported for 2011 and2010.


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  • CreatedJune 17, 2013
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