Business, 21.02.2020 21:11 woahthatstay
In 2021, CPS Company changed its method of valuing inventory from the FIFO method to the average cost method. At December 31, 2020, CPS’s inventories were $50 million (FIFO). CPS’s records indicated that the inventories would have totaled $38.2 million at December 31, 2020, if determined on an average cost basis.
Prepare the journal entry to record the adjustment (Ignore income taxes.) (Enter your answers in millions rounded to 1 decimal place (i. e., 5,500,000 should be entered as 5.5).
Answers: 1
Business, 22.06.2019 03:00, brodybb5515
Sonic corp. manufactures ski and snowboarding equipment. it has estimated that this year there will be substantial growth in its sales during the winter months. it approaches the bank for credit. what is the purpose of such credit known as? a. expansion b. inventory building c. debt management d. emergency maintenance
Answers: 1
Business, 22.06.2019 15:20, amulets5239
Sauer food company has decided to buy a new computer system with an expected life of three years. the cost is $440,000. the company can borrow $440,000 for three years at 14 percent annual interest or for one year at 12 percent annual interest. assume interest is paid in full at the end of each year. a. how much would sauer food company save in interest over the three-year life of the computer system if the one-year loan is utilized and the loan is rolled over (reborrowed) each year at the same 12 percent rate? compare this to the 14 percent three-year loan.
Answers: 3
Business, 22.06.2019 15:40, Zachary429
Brandt enterprises is considering a new project that has a cost of $1,000,000, and the cfo set up the following simple decision tree to show its three most likely scenarios. the firm could arrange with its work force and suppliers to cease operations at the end of year 1 should it choose to do so, but to obtain this abandonment option, it would have to make a payment to those parties. how much is the option to abandon worth to the firm?
Answers: 1
In 2021, CPS Company changed its method of valuing inventory from the FIFO method to the average cos...
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