In 2011, CPS Company changed its method of valuing inventory from the FIFO method to the average
Question:
Required:
1. Prepare the journal entry to record the adjustment. (Ignore income taxes.)
2. Briefly describe other steps CPS should take to report the change.
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Requirement 1 To record the change in millions Retained earnings 82 Inventory 32 million 238 million ...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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