In 2024, Adonis Industries changed its method of valuing inventory from the average cost method to the
Question:
In 2024, Adonis Industries changed its method of valuing inventory from the average cost method to the FIFO method. At December 31, 2023, Adonis’s inventories were $47.6 million (average cost). Adonis’s records indicated that the inventories would have totaled $64 million at December 31, 2023, if determined on a FIFO basis. Ignoring income taxes, what journal entry will Adonis use to record the adjustment in 2024?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 100% (7 reviews)
To record the change in millio...View the full answer
Answered By
Utsab mitra
I have the expertise to deliver these subjects to college and higher-level students. The services would involve only solving assignments, homework help, and others.
I have experience in delivering these subjects for the last 6 years on a freelancing basis in different companies around the globe. I am CMA certified and CGMA UK. I have professional experience of 18 years in the industry involved in the manufacturing company and IT implementation experience of over 12 years.
I have delivered this help to students effortlessly, which is essential to give the students a good grade in their studies.
3.50+
2+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Business questions
-
In 2018, Adonis Industries changed its method of valuing inventory from the average cost method to the FIFO method. At December 31, 2017, Adonis's inventories were $47.6 million (average cost)....
-
In 2013, Adonis Industries changed its method of valuing inventory from the average cost method to the FIFO method. At December 31, 2012, Adoniss inventories were $47.6 million (average cost)....
-
The Cecil-Booker Vending Company changed its method of valuing inventory from the average cost method to the FIFO cost method at the beginning of 2024. At December 31, 2023, inventories were $120,000...
-
Leanne buys, refurbishes, and resells used mobile phones. She agrees to give a refurbished mobile phone from the her warehouse to Dell, a 17-year-old, if Dell promises to pay for the mobile phone by...
-
Both the LCH and the PIH predict that the marginal propensity to consume out of transitory income is quite small (perhaps, even zero). Nevertheless, we observe many younger families spending a fairly...
-
By reduction formula 4 Graph the following functions and find the area under the curve on the given interval. f(x) = (4 + x 2 ) 1/2 , [0, 2] (sec u tan u + In sec u + tan u|) + C. 2 sec u du
-
State the steps in the audit program for testing sales transactions in a manual system that pertain to the use of a random sample.
-
Bing Auto Parts sells new and used auto parts. Although a majority of its sales are cash sales, it makes a significant amount of credit sales. During 2013, its first year of operations, Bing Auto...
-
9. Construction sand is piled in a right cone that has a height of 30 feet and a diameter of 110 feet. The sand has a density of 98.0 lb/ft. a) Determine the volume of the cone to the nearest 0.1 ft....
-
database management systems in the world. It is a relational database management system (RDBMS) that uses Structured Query Language (SQL) to manage and manipulate data. MySQL was created by Michael...
-
Early one Wednesday afternoon, Ken and Larry studied in the dormitory room they shared at Fogelman College. Ken, an accounting major, was advising Larry, a management major, regarding a project for...
-
The Coclin Company has used the LIFO method of accounting for inventory during its first two years of operation, 2022 and 2023. At the beginning of 2024, Coclin decided to change to the average cost...
-
Global steel prices have a year-over-year inflationary rate increase of 12.4 percent. Tube Fab purchased $700,000 of a particular carbon steel during the year just ended right now, and they intend to...
-
CPA Service Company received $200,000 cash from partners (owners), paid off accounts payable of $65,000, and paid auditor salaries of $105,000. What net effect do these effect have on shareholders'...
-
JBS Inc. has sales=$1,000, gross profit=$300, marketing & advertising expenses $50, EBIT=185, net income=$25, and depreciation and amortization=$35. What is the EBITDA for JBS?
-
Hokey Min's Kleen Karpet cleaned 85 rugs in October, consuming the following resources: Labor: Solvent: Machine Rental: 520 hours at $13 per hour 120 gallons at $5 per gallon 24 days at $50 per day...
-
On March 25, Parscale Company purchases the rights to a mineral interest for $8,431,000. At that time, the remaining recoverable units in the mineral interest are estimated to be 656,600 tons. If...
-
On May 1, Carla Vista Company had beginning inventory consisting of 288 units with a unit cost of $6. During May, the company purchased inventory as follows: 576 units at $6 864 units at $7 The...
-
Which of each pair of diols is cleaved more rapidly by periodic acid? a. b. OH OH or OH DHH C(CH3)3 or C(CH3)3 CH3)3
-
Transform the while loop from the previous exercise into an equivalent for loop (make sure it produces the same output).
-
A deferred tax liability (or asset) is described as the tax effect of the temporary difference between the financial statement carrying amount of an asset or liability and its tax basis. Explain this...
-
A deferred tax liability (or asset) is described as the tax effect of the temporary difference between the financial statement carrying amount of an asset or liability and its tax basis. Explain this...
-
A deferred tax liability (or asset) is described as the tax effect of the temporary difference between the financial statement carrying amount of an asset or liability and its tax basis. Explain this...
-
An automobile cooling system holds 16 L of water. How much heat does it absorb if its temperature rises from 20 C to 80 C? A 5.0 kg lead ball is dropped into a 2.0 L insulated pail of water initially...
-
A 15.0 kg box is allowed to slide from rest down a ramp that makes an angle of 30.0 o to the horizontal. The coefficient of friction between the box and the ramp is 0.400 and the ramp is 5.00 m long....
-
1. A bowling ball rolls without slipping up a ramp that slopes upward at an angle beta to the horizontal. Treat the ball as a uniform, solid sphere, ignoring the finger holes. What is the...
Study smarter with the SolutionInn App