P9.12 – Raleigh Department Store
Intermediate Accounting
Spiceland, Nelson, and Thomas
10th Edition
Given the cost and retail data along with price indexes and cost-to-retail percentages… determine ending inventory using three different methods.
Given the cost and retail data along with price indexes and cost-to-retail percentages… determine ending inventory using three different methods.
The company is switching from the FIFO cost method to the average cost method… prepare a journal entry for the adjustment while also recognizing the effect of the change on net income.
Determine the carrying value of inventory at year-end and record any necessary year-end adjustments.
Determine carrying value of inventory year-end record adjustment for each.
Determine the correct inventory balance and prepare a journal entry.