1 answer

7. Hyper Co. began operations on 1-1-Year 1. Net income before tax under three inventory methods...

Question:

7. Hyper Co. began operations on 1-1-Year 1. Net income before tax under three inventory methods for the first three years ar
7. Hyper Co. began operations on 1-1-Year 1. Net income before tax under three inventory methods for the first three years are shown below: Method FIFO Average LIFO Net Income (before taxes) Year 1 Year 2 Year 3 $175,000 $230,000 $250,000 $200,000 $215,000 $130,000 | $180,000 $205,000 Prepare the journal entry to record the change from the FIFO method to the Average method as of January 1, year 4:

Answers

Net Income (FIFO) Net Income (Average) 175000 230000 250000 150000 200000 215000 Difference -25000 -30000 -35000 -90000 As Ne

.

Similar Solved Questions

1 answer
Which Company would have the highest bond spread (premium over the risk free rate)? A. AAA...
Which Company would have the highest bond spread (premium over the risk free rate)? A. AAA corporation B. B corporation C. BB corporation D. BBB corporation...
1 answer
Bethesda Mining Company reports the following balance sheet information for 2018 and 2019. Bethesda Mining Company...
Bethesda Mining Company reports the following balance sheet information for 2018 and 2019. Bethesda Mining Company reports the following balance sheet information for 2018 and 2019. 2018 2019 BETHESDA MINING COMPANY Balance Sheets as of December 31, 2018 and 2019 2018 2019 Assets Liabilities and Ow...
1 answer
Assets Reserves Loans Liabilities $3,000 Deposits $450 $2,550 The required reserve ratio is 12 percent. Given...
Assets Reserves Loans Liabilities $3,000 Deposits $450 $2,550 The required reserve ratio is 12 percent. Given its deposits of $3,000, the bank is required to hold $ 360 as reserves. (Enter your response as an integer.) The bank holds excess reserves of $ 90. (Enter your response as an integer.) The ...
1 answer
OURCES Chapter 25, Problem 027 The figure shows a 13.9 V battery and four uncharged capacitors...
OURCES Chapter 25, Problem 027 The figure shows a 13.9 V battery and four uncharged capacitors of capaitances C and (h) capacitor 47 and (h) capactor ) capacitor 2, (c) capacitor 3, and (d) capacitor 4? If both switches are doced mhat is the charge on (e) capa 1.31 F.C-2.34uC-3.0x , eeti rge on (e) ...
1 answer
8.) Which of the following processes is nonspontaneous? A) An antacid tablet reacting with stomach acid...
8.) Which of the following processes is nonspontaneous? A) An antacid tablet reacting with stomach acid to produce carbon dioxide B) A hot pan cooling on the counter C) Water turning to ice below 0°C D) A battery being recharged 9.) In an exergonic reaction: A) energy flows from the reaction int...
1 answer
Holt Enterprises recently paid a dividend, D0, of $2.75. It expects to have nonconstant growth of...
Holt Enterprises recently paid a dividend, D0, of $2.75. It expects to have nonconstant growth of 14% for 2 years followed by a constant rate of 5% thereafter. The firm's required return is 8%. How far away is the horizon date? The terminal, or horizon, date is infinity since common stocks do ...
1 answer
7. Xylene, an organic compound that is a major component of many gasoline blends, contains carbon...
7. Xylene, an organic compound that is a major component of many gasoline blends, contains carbon and hydrogen only. Complete combustion of a 17.12 g sample of xylene in excess oxygen yielded 56.77 g of CO; and 14.53 g of H2O (a) Determine the empirical formula of xylene. (6)...
1 answer
Is phosphourus an allotrope?
Is phosphourus an allotrope?...
1 answer
4) The auditors may decide to confirm accounts payable on an audit engagement. a. Describe two...
4) The auditors may decide to confirm accounts payable on an audit engagement. a. Describe two reasons why the confirmation of accounts payable is not a presumptively mandatory auditing procedure. b. Describe the audit circumstances in which the auditors are likely to decide to confirm accounts paya...
1 answer
O Question 13 > Find the quotient and remainder. (10x3 – 31x² + 10x + 2)...
O Question 13 > Find the quotient and remainder. (10x3 – 31x² + 10x + 2) = (5x – The quotient is The remainder is For this question, you must show all your work. Either type all steps into the answer box below, or scan/photograph your work and upload the file using Insert > At...
1 answer
OLJ U te largets shown. 1.
OLJ U te largets shown. 1....
1 answer
Write the open loop transfer function Vp(s)/Vi(s). Ot should be assumed that R1=0
Write the open loop transfer function Vp(s)/Vi(s). Ot should be assumed that R1=0 10K -www-t Power Amplifier 10K (inverting) Motor Speed Reducer co (Volts) Kr) Ri (rad) 1 (rad) Step Input Switch (Vols) -15+15 Position Sensor Potentiometer (Volts) (Volts) Step Inpur Switch and Amplitude Potentiosmet...
1 answer
4.Project L costs $35,000, its expected cash inflows are $15,000 per year for 8 years, and its WACC is 12%. What is the...
4.Project L costs $35,000, its expected cash inflows are $15,000 per year for 8 years, and its WACC is 12%. What is the project's payback? Round your answer to two decimal places. 5.Project L costs $60,000, its expected cash inflows are $14,000 per year for 8 years, and its WACC is 13%. What is ...
1 answer
What is the equation in standard form of a parallel line that passes through (0,-3)?
What is the equation in standard form of a parallel line that passes through (0,-3)?...