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Category > Accounting Posted 27 May 2017 My Price 6.00

Flint Company began operations on January 1, 2015, and uses the average-cost method

Flint Company began operations on January 1, 2015, and uses the average-cost method of pricing inventory. Management is contemplating a change in inventory methods for 2018. The following information is available for the years 2015–2017. Net Income Computed Using Average-Cost Method FIFO Method LIFO Method 2015 $16,080 $18,980 $11,940 2016 17,980 20,800 14,020 2017 19,920 24,890 17,050 (a) Prepare the journal entry necessary to record a change from the average cost method to the FIFO method in 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 Inventory Retained Earnings (b) Determine net income to be reported for 2015, 2016, and 2017, after giving effect to the change in accounting principle. Net Income 2015 $ 2016 $ 2017 $ (c) Assume Flint Company used the LIFO method instead of the average cost method during the years 2015–2017. In 2018, Flint changed to the FIFO method. Prepare the journal entry necessary to record the change in principle. (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

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Alpha Geek
(8)
Status NEW Posted 27 May 2017 02:05 PM My Price 6.00

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file 1495896627-Answer.docx preview (286 words )
F-----------lin-----------t C-----------omp-----------any----------- be-----------gan----------- op-----------era-----------tio-----------ns -----------on -----------Jan-----------uar-----------y 1-----------, 2-----------015-----------, a-----------nd -----------use-----------s t-----------he -----------ave-----------rag-----------e-c-----------ost----------- me-----------tho-----------d o-----------f p-----------ric-----------ing----------- in-----------ven-----------tor-----------y. -----------Man-----------age-----------men-----------t i-----------s c-----------ont-----------emp-----------lat-----------ing----------- a -----------cha-----------nge----------- in----------- in-----------ven-----------tor-----------y m-----------eth-----------ods----------- fo-----------r 2-----------018-----------. T-----------he -----------fol-----------low-----------ing----------- in-----------for-----------mat-----------ion----------- is----------- av-----------ail-----------abl-----------e f-----------or -----------the----------- ye-----------ars----------- 20-----------15â-----------€“2-----------017-----------. N-----------et -----------Inc-----------ome----------- Co-----------mpu-----------ted----------- Us-----------ing----------- Av-----------era-----------ge------------Cos-----------t M-----------eth-----------od -----------FIF-----------O M-----------eth-----------od -----------LIF-----------O M-----------eth-----------od -----------201-----------5 $-----------16,-----------080----------- $1-----------8,9-----------80 -----------$11-----------,94-----------0 2-----------016----------- 17-----------,98-----------0 2-----------0,8-----------00 -----------14,-----------020----------- 20-----------17 -----------19,-----------920----------- 24-----------,89-----------0 1-----------7,0-----------50 -----------(a)----------- Pr-----------epa-----------re -----------the----------- jo-----------urn-----------al -----------ent-----------ry -----------nec-----------ess-----------ary-----------
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