Maurice Tutor

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Category > Management Posted 24 Apr 2018 My Price 9.00

Sweet Instrument Co

Please help!!

Exercise 22-7 Below is the net income of Sweet Instrument Co, a private corporation, computed under the three inventory methods using a periodic system. FIFO LIFO Average Cost $25,200 2015 $22,500 $19,500 2016 23,200 27,700 18,900 2017 26,500 24,500 21,700 37,100 2018 32,700 29,000 Ignore tax considerations. (a) Assume that in 2018 Sweet 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 2018, and show net income reported for 2015, 2016, 2017, and 2018. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select No Entry for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit 2017 2016 2018 2015 Net income (b) Assume that in 2018 Sweet, which had been using the LIFO method since incorporation in 2015, changed to the FIFO method of pricing inventories. Prepare the journal entry necessary to record the change in 2018 and show net income reported for 2015, 2016, 2017, and 2018. (Credit account titles are automatically indented when amount is entered. Do not indent manually. no entry is required, select No Entry forthe account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit 018 01 2015 Net income SHOW LIST OF ACCOUNTS

Below is the net income of Sweet Instrument Co., a private corporation, computed under the three inventory methods using a periodic system. a) Assume that in 2018 Sweet 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 2018, and show net income reported for 2015, 2016, 2017, and 2018. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry'' for the account titles and enter 0 for the amounts.) (b) Assume that in 2018 Sweet, which had been using the LIFO method since incorporation in 2015, changed to the FIFO method of pricing inventories. Prepare the journal entry necessary to record the change in 2018 and show net income reported for 2015, 2016, 2017, and 2018. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

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Maurice Tutor
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Status NEW Posted 24 Apr 2018 08:04 PM My Price 9.00

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