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Category > Accounting Posted 25 Sep 2017 My Price 7.00

Benchley Instrument Co.

(Various Changes in Principle—Inventory Methods) Below is the net income of Benchley Instrument Co., a private corporation, computed under the three inventory methods using a periodic system.

 

FIFO

Average Cost

LIFO

2010

$26,000

$23,000

$20,000

2011

30,000

25,000

21,000

2012

29,000

27,000

24,000

2013

34,000

30,000

26,000

Instructions

(a) Assume that in 2013 Benchley decided to change from the FIFO method to the average cost method of pricing inventories. Prepare the journal entry necessary for the change that took place during 2013, and show net income reported for 2010, 2011, 2012, and 2013.

(b) Assume that in 2013 Benchley, which had been using the LIFO method since incorporation in 2010, changed to the FIFO method of pricing inventories. Prepare the journal entry necessary to record the change in 2013 and show net income reported for 2010, 2011, 2012, and 2013.

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Maurice Tutor
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Status NEW Posted 25 Sep 2017 06:09 PM My Price 7.00

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