Question: 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,

In 2024, the Barton and Barton Company changed Its method of

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 Inventorles were $30.2 million (FIFO). B \& B's records Indicated that the Inventorles would have totaled $229 million at December 31, 2023, if determined on an average cost basls. 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 (i.e., 5,500,000 should be entered as 5.5). Journal entry worksheet Note: Enter debits before cred its

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

At a small rural college, incoming students are arranged into 320 pairs by the administration based on their high school credentials. (The students do not know this). One member of each pair is...

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 $32.2 million (FIFO). B...

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 & Bs inventories were $32 million (FIFO). B &...

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 & Bs inventories were $30.6 million (FIFO). B &...

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 $31.0 million (FIFO). B...

In 2 0 2 4 , the Barton and Barton Company changed its method of valuing inventory from the FIFO method to the average cost method. At December 3 1 , 2 0 2 3 , B & B s inventories were $ 3 1 . 4...

In 2024 , CPS Company changed Its method of valuing Inventory from the FIFO method to the average cost method. At December 31 , 2023, CPS's Inventorles were $37 million (FIFO). CPS's records...

In 2024, CPS Company changed its method of valuing inventory from the FIFO method to the average c 2023. CPS's inventories were $45 million (FIFO). CPS's records indicated that the inventories would...

Brief Exercise 20-1 (Algo) Change in inventory methods; FIFO method to the average cost method [LO20-2) In 2021, the Barton and Barton Company changed its method of valuing inventory from the FIFO...

Brief Exercise 20-1 Change in inventory methods; FIFO method to the average cost method [LO20-2] In 2018, the Barton and Barton Company changed its method of valuing inventory from the FIFO method to...

In 2 0 2 4 , CPS Company changed Its method of valuing Inventory from the FIFO method to the average cost method. At December 3 1 , 2 0 2 3 . CPS ' s inventorles were $ 3 6 million ( FIFO ) . CPS ' s...

Differentiate between disclosed principal, partially disclosed principal, and undisclosed principal.

Frontenac Company reported net income of $75,000. The partnership agreement provides for salaries of $25,000 to Miley and $18,000 to Guthrie. They divide the remainder 40% to Miley and 60% to...

[ 2 4 Points ] vectors.gradf ( x , y , z ) = ( : - 2 y z e y z s i n ( x y z ) , 2 e y z ( z c o s ( x y z ) - x s i n ( x y z ) ) , 2 e y z ( y c o s ( x y z ) - xysin ( x y z ) ) : ) gradf ( 7 , 0...

Six capacitors are connected as shown in the figure. Calculate the accumulated charge for each capacitor. C2 G= 40 F C= 70 F 33,3V 3 C2=100 F Cs= 50 F C3= 30 F - 10 F

what is the difference between forwarding integration strategy and backward integration strategy? Give examples

You have two possible options for your summer job. Joes Pizza: 40 hours a week for $400 (and tips) or Shake Shack: 20 hours a week, for $300. Which job sounds more appealing? Why?

A wire 1.0 m long and 2.0 cm in diameter creates an electric field of 5.0 x 10^6 N / C. Calculate the electric charge if it was derived by Gauss's law that the electric field (E). E = Q / 40Lr.

Critically evaluate the role of scoring models in the screening process for a computer/video games developer. Explain how a screening system can be enhanced using other methods. Clearly state any...

Imagine you are working for a consulting firm and have been hired by MSW Tech to help implement the MCOD process. Where do you think MSW is on organization readiness? At which stage on the MCOD...

Refer to Table 31.1. Which of the employee quotes illustrates access discrimination? Which illustrates treatment discrimination?

Discuss the strengths and weaknesses MSW Tech has displayed when it comes to avoiding discrimination, managing, and valuing diversity.