FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Connors Academy reported inventory in the 2020 year-end balance sheet, using the FIFO method, as $154,000. In 2021, the company decided to change its inventory

Connors Academy reported inventory in the 2020 year-end balance sheet, using the FIFO method, as $154,000. In 2021, the company decided to change its inventory method to LIFO. If the company had used the LIFO method in 2020, the company estimates that ending inventory would have been in the range $130,000-$135,000. What adjustment would Connors make for this change in inventory method?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial & Managerial Accounting

Financial & Managerial Accounting

Authors: Carl S. Warren

10th Edition

0324663811, 9780324663815

More Books

Students also viewed these Accounting questions

Question

★★★★★
If Congress considers a change in the Tax Code that will increase personal tax rates but reduce corporate tax rates, what effect would this Tax Code change have on the average company's capital...

Answered: 1 week ago

Question

★★★★★
Carson Brothers pays its employees weekly. Information for the week ended May 29, 2015, is given below. Instructions 1. Determine the deductions for CPP, EI, and provincial and federal income taxes...

Answered: 1 week ago

Question

★★★★★
What would you do about the verbal homophobic insults?

Answered: 1 week ago

Question

★★★★★
Use the computerized model in the File C09 to solve this problem. a. Set up an amortization schedule for a $30,000 loan to be repaid in equal installments at the end of each of the next 20 years at...

Answered: 1 week ago

Question

★★★★★
a) Assume a cache hierarchy, where we have separate cache for instructions and data where the miss penalty for both is 100 cycles. The miss rate of the instruction cache is 4%; on the other hand, the...

Answered: 1 week ago

Question

★★★★★
Interest rate is 8 % 2

Answered: 1 week ago

Question

★★★★★
Exercise 2-26A Relationship of accounts to financial statements LO 2-8 Required Identify whether each of the following items would appear on the income statement (IS), statement of changes in...

Answered: 1 week ago

Question

★★★★★
Thornton Computer Services, Inc. has been in business for six months. The following are basic operating data for that period: Month Service hours Revenue Operating costs July Aug. 120 136 $6,000...

Answered: 1 week ago

Question

★★★★★
3. A new machine has an initial cost of $300,000, an estimated useful life of 2000 hours of use over a 3- year period, and an estimated residual value of S70000. Usage rates are estimated as 500...

Answered: 1 week ago

Question

★★★★★
Factors contributing to behaviors of concern can be: environmental systemic and structural including discrimination physical emotional medications structural individual relational Read the text for...

Answered: 1 week ago

Question

★★★★★
Let's Apply Use the Venn diagram to identify elements formed in hydrogen burning processes: Proton-proton chain reaction (PPCR) and carbon-nitrogen-oxygen (CNO) cycle. PPCR CNO cycle both

Answered: 1 week ago

Question

★★★★★
=+1. What does Klingner observe about changes in societal and governmental values, and how might these lead to changes in how HRM is implemented in either public or nonprofit organizations?

Answered: 1 week ago

Question

★★★★★
=+3. Based on your reading of this textbook, what areas within social media would you like to specialize in? This can be a designated role or a particular industry. Outline five steps you will take...

Answered: 1 week ago

Question

★★★★★
=+ Outline three tips while listing three things you will do as the students mentor to pay it forward to the future generation of social media professionals.

Answered: 1 week ago

Previous Question Next Question