In this simulation you are asked questions about changes in accounting
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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