Maurice Tutor

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  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 04 Aug 2017 My Price 7.00

Instrument Co

( V arious Changes in Principle—Inventory Methods) Below is the net income of Anita Ferreri

Instrument Co., a private corporation, computed under the three inventory methods using a periodic system.

 

FIFO

  

Average-Cost

  

LIFO

2012

$26,000

  

$24,000

  

$20,000

2013

30,000

  

25,000

  

21,000

2014

28,000

  

27,000

  

24,000

2015

34,000

  

30,000

  

26,000

Instructions

(Igno r e tax considerations.)

(a) Assume that in 2015 Ferreri 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 2015, and show net income reported for 2012, 2013, 2014, and 2015.

(b) Assume that in 2015 Ferreri, which had been using the LIFO method since incorporation in 2012, changed to the FIFO method of pricing inventories. Prepare the journal entry necessary to record the change in 2015 and show net income reported for 2012, 2013, 2014, and 2015.

Answers

Maurice Tutor
(5)
Status NEW Posted 04 Aug 2017 01:08 AM My Price 7.00

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