Question: HI, HELP PLEASE, THANK YOU SO MUCH!!!!!!!!!! During the third quarter of its 207 fiscal year, Press Compsny is considering the different methods of reporting
HI, HELP PLEASE, THANK YOU SO MUCH!!!!!!!!!!
During the third quarter of its 207 fiscal year, Press Compsny is considering the different methods of reporting sccounting changes on its interim segments. Preliminary data are available for the third quarter of 207, ending on September 30,207, prior to any odjustments required for any occounting changes. The compony's tox rate is 40 percent of income. Selected interim dato for the company, in thousands of dollars, follow: Required: For the following independent coses, present the company's interim financial data for the three quarters of 207 and the comparative data for 206, sssuming that in a meeting on the last day of the third quarter of 207, the company decides to make the specified occounting change. a. The company decides to change from the FIFO method of accounting for inventory to the LIFO method. The accounting department has prepared the following schedule of data, in thousands of dollars, showing the cost of goods sold esch quarter under the LIFO method. The preceding selected interim dato are bssed on the FIFO method. The sccounting department has determined that there will be no difference in cost of goods sold prior to Janusry 1, 206. Note: Enter your answers in thousands of dollars. Round your Net Earnings to 1 decimal place
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