subject
Business, 01.12.2021 02:40 kayleebug13

Melas Company changed from the LIFO to the FIFO inventory costing method on January 1, Year 3. Inventory values at the end of each year since the inception of the company are as follows: FIFO LIFO Year 1 $ 195,000 $ 177,500 Year 2 390,000 355,000 Ignoring income tax considerations, prepare the appropriate journal entry, dated January 1, Year 3, to report this accounting change.

ansver
Answers: 3

Other questions on the subject: Business

image
Business, 22.06.2019 06:30, makarockslynn4764
If a seller prepaid the taxes of $4,400 and the closing is set for may 19, using the 12 month/30 day method what will the buyer owe the seller as prorated taxes?
Answers: 1
image
Business, 22.06.2019 23:30, frankgore8496
What are consequences of rapid inflation? (select all that apply.) savings accounts become less desirable because interest earned is lower than inflation individual purchasing power increases, which results in an increase in demand. individual purchasing power decreases, which results in a decrease in demand. people postpone purchasing expensive items, such as homes, until prices drop.
Answers: 1
image
Business, 23.06.2019 02:30, bitterswt01
The accountant at bramble corp. has determined that income before income taxes amounted to $10800 using the fifo costing assumption. if the income tax rate is 30% and the amount of income taxes paid would be $900 greater if the lifo assumption were used, what would be the amount of income before taxes under the lifo assumption?
Answers: 2
image
Business, 23.06.2019 07:30, maskoffvon
What criteria does a company have to meet to be considered a monopoly?
Answers: 2
You know the right answer?
Melas Company changed from the LIFO to the FIFO inventory costing method on January 1, Year 3. Inven...

Questions in other subjects:

Konu
Mathematics, 04.05.2021 02:40
Konu
Mathematics, 04.05.2021 02:40