In 2024, the Barton and Barton Company changed its method of valuing Inventory from the FIFO...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
In 2024, the Barton and Barton Company changed its method of valuing Inventory from the FIFO method to the average cost method. At December 31, 2023, B&B's Inventories were $30.2 million (FIFO). B & B's records Indicated that the Inventories would have totaled $22.9 million at December 31, 2023, if determined on an average cost basis. Ignoring Income taxes, what journal entry will B & B use to record the adjustment in 2024? Note: If no entry is required for a transaction/event, select "No Journal entry required" In the first account field. Enter your answers in millions rounded to 1 decimal place (.e., 5,500,000 should be entered as 5.5). View transaction let Journal entry worksheet < Record the change in inventory methods. Note: Enter debits before credits. Event 1 General Journal Debit Credit 7.3 7.3 Record entry Clear entry View general journal In 2024, the Barton and Barton Company changed its method of valuing Inventory from the FIFO method to the average cost method. At December 31, 2023, B&B's Inventories were $30.2 million (FIFO). B & B's records Indicated that the Inventories would have totaled $22.9 million at December 31, 2023, if determined on an average cost basis. Ignoring Income taxes, what journal entry will B & B use to record the adjustment in 2024? Note: If no entry is required for a transaction/event, select "No Journal entry required" In the first account field. Enter your answers in millions rounded to 1 decimal place (.e., 5,500,000 should be entered as 5.5). View transaction let Journal entry worksheet < Record the change in inventory methods. Note: Enter debits before credits. Event 1 General Journal Debit Credit 7.3 7.3 Record entry Clear entry View general journal
Expert Answer:
Posted Date:
Students also viewed these accounting questions
-
Inscribe a paper on Are humans becoming too dependent on technology (smart phones, computers, etc.)?
-
Thomas Corp. has an EBIT of $ 1 , 0 0 0 , 0 0 0 per year that is expected to continue in perpetuity. The unlevered cost of equity for the company is 1 3 percent, and the corporate tax rate is 2 2...
-
In 2018, the Barton and Barton Company changed its method of valuing inventory from the FIFO method to the average cost method. At December 31, 2017, B & B's inventories were $32 million (FIFO). B &...
-
Suppose that the probability that a mechanic fixes a car correctly is 0.9. Determine the odds against the mechanic fixing a car correctly.
-
Fraud Investigators Inc. operates a fraud detection service. Required: 1. Prepare journal entries for each transaction below. a. On March 31, 10 customers were billed for detection services totaling...
-
What are the portfolio weights for a portfolio that has 165 shares of Stock A that sell for $43 per share and 120 shares of Stock B that sell for $74 per share?
-
a Explain the need for, and give examples of, controls within a bookkeeping system. b From the following information, produce receivables ledger and payables ledger control accounts, showing the...
-
Using the SoakNFun Swim Park information presented, do the following tasks. SoakNFun Swim Park sells individual and family tickets. With a ticket, each person receives a meal, three beverages, and...
-
How does security affect systems reliability?
-
The drawings show three charges that have the same magnitude but may have different signs. In all cases the distance d between the charges is the same. The magnitude of the charges is lql-9.3 C, and...
-
Choose any business organization and describe the business or organization you are analyzing. 1. Analyze social media activities of the business and suggest improvements. 2. What are the strategies...
-
Why is effective communication from customer service representatives especially critical to customer satisfaction and loyalty? Explain two communication channels that you feel are important in order...
-
Choose a Destination Countryand a product or service that is available in Canada and that you believe would be a good fit/opportunity for a target segment(s) in that country. (it does not need to be...
-
Describe shortly the ecosystems for reagent manufacturing in the U.S., Canada, and Mexico, specifically the laboratory reagent suppliers. Who are the main players and how influential are they in...
-
A sample of 30 'Econ-2300' students spent an average of $69 on any music with a standard deviation of $19. A sample of 20 'Econ-3300' students spent an average of $82 on any music with a standard...
-
Gladstone Corporation is about to launch a new product. Depending on the success of the newproduct, Gladstone may have one of four values nextyear: $151 million, $131 million, $99 million, and $76...
-
Maria Castigliani is head of the purchasing department of Ambrosiana Merceti, a medium-sized construction company. One morning she walked into the office and said, The main problem in this office is...
-
A company acquires equipment on January 10, 2005, at a cost of $42,000. Straight-line depreciation is used with a five-year life and $7,000 salvage value. On June 27, 2006, the company sells this...
-
hsteban Co. owns a machine that costs $38,400 with accumulated depreciation of $20,400. Esteban exchanges the machine for a similar but newer model that has a market value of $48,000. Record the...
-
Eastman Company reports the following ($ millions): net sales of $13,557 for 2005 and $12,670 for 2004; end-of-year total assets of $14,968 for 2005 and $18,810 for 2004. Compute its total asset...
Study smarter with the SolutionInn App