Question: answer d please Calculate the cumulative effect of the difference in the valuation of inventory on the ending balance of retained camings from 2020 through





Calculate the cumulative effect of the difference in the valuation of inventory on the ending balance of retained camings from 2020 through 2023 . (Enter negative amounts using either a negative sign preceding the number e.g. 45 or parentheses e.3. (45). Do not leave any answer field blank. Enter 0 for amounts.) View Policies Show Attempt History Current Attempt in Progress Ayayai Limited, a private company that began operations in 2020, always values its inventories at their current net realizable value. The company uses ASPE. Its annual inventory figure is arrived at by taking a physical count and then pricing each item in the physical inventory at current resale prices. The condensed income statements for the company's past four years are as follows: Current Attempt in Progress Ayayai Limited, a private company that began operations in 2020, always values its inventories at their current net realizable value. The company uses ASPE. Its annual inventory figure is arrived at by taking a physical count and then pricing each item in the physical inventory at current resale prices. The condensed income statements for the company's past four years are as follows: Prepare corrected condensed income statements using an acceptable method ofinventory valuation, assuming that the inventory at cost and as determined by the corporation (using net realizable value) at the end of each of the four years is as follows: Ayayai Limited Revised Income Statements eTextbook and Media Attempts: 1 of 2 used Compare the trend in income for the four years using the corporation's approach to valuing ending inventory and using a method that is acceptable under GAAP. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Calculate the cumulative effect of the difference in the valuation of inventory on the ending balance of retained earnings from 2020 through 2023. (Enter negative amounts using either a negative sign preceding the number e.9.45 or parentheses e.8. (45). Do not leave any answer field blank. Enter 0 for amounts.)
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
