In 2024, CPS Company changed its method of valuing inventory from the FIFO method to the average cost method. At December 31, 2023, CPS’s inventories were $36 million (FIFO). CPS’s records indicated that the inventories would have totaled $27.0 million at December 31, 2023, if determined on an average cost basis.Required:1. Prepare the journal entry to record the adjustment. (Ignore income taxes.)Note: Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5). If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
Answers
The difference between the FIFO and the average cost inventory values is $9.0 million ($36.0 million - $27.0 million).
What is an inventory?Inventory refers to the stock of goods or materials that a business or organization has on hand for sale or use in its operations. It includes finished products, raw materials, work-in-progress, and supplies. The purpose of inventory is to ensure that there is always enough stock available to meet customer demand while minimizing the risk of stockouts or overstocking. Inventory management is crucial for businesses to maintain profitability and avoid waste. It involves accurately tracking inventory levels, monitoring demand, forecasting future needs, and optimizing the ordering and stocking processes. Effective inventory management can lead to improved customer satisfaction, reduced costs, and increased revenue. However, maintaining inventory also involves certain costs such as storage, insurance, and obsolescence, which can impact a company's bottom line. Therefore, businesses must find a balance between having enough inventory to meet demand without tying up too much capital in excess stock.
Inventory (FIFO) $36.0 million
Inventory (Avg. Cost) $-9.0 million
Retained Earnings $27.0 million
To learn more about inventory, visit:
https://brainly.com/question/29525201
#SPJ1
Related Questions
The Andrews company currently has the following balances in their equity accounts: Common Stock $12,079 Retained earnings $90,369 Suppose next year the Andrews company generates $46,300 in Net Profit, and declares and pays $16,000 in Dividends. What will Andrews ending balance in Retained Earnings be next year
Answers
Answer:
$120,669
Explanation:
Ending Retained Earnings = Opening Retained Earning + Net Income - Dividends
therefore,
Ending Retained Earnings = $90,369 + $46,300 - $16,000 = $120,669
thus,
Ending balance in Retained Earnings be next year will be $120,669
All connecting rooms adjoin, but not all adjoining rooms connect.
Answers
Answer:
What do you mean? is that the question?
You are offered an investment that will pay you $250 in one year, $520 the next year, and $750 at the end of the third year. How much is this investment worth if the interest rate is 11%?
Answers
Answer: $1,196
Explanation:
Based on the information and the values that are provided in the question, the worth of the investment of the rate of interest is 11% will be calculated as:
=(250 / 1.11) + (520 / 1.11²) + (750 / 1.11³)
= 225.23 + 422.04 + 548.39
= $1,195.66
= $1196 approximately
The worth of the investment will be $1196.
Which is an advantage of functional organizational structure?
A.
better project focus
B.
faster response in decision making
C.
team members develop strong project loyalty and commitment with one reporting manager
D.
clear line of authority for each division in the organization
Answers
Answer:
its c
Explanation:
i got it right
two ways in which best bank can adapt to the challenges of the macro environment
Answers
Answer:
Mergers or Information Management
Explanation:
Mergers-In order to respond to certain challenges, businesses may choose to merge with another business. The new business will have a larger market share than either of the original businesses did.
Information management -All changes lead to new information that needs to be distributed to all the relevant parties.
Information must be managed efficiently and a system must be in place so that the relevant staff can easily access it.
Information must be protected and kept secure to protect the company's intellectual property.
What is the phone number for customer support? My paypal has been charged twice and they have not been able to send me a refund via email.
Answers
Answer:same thing happened to me they said my card was declined but they took money!
Explanation:
Hope this helps !
Elana has opened a new aerobics studio in her area. How might Elana use social media as a market to spread the word about her new studio?
Answers
Elana can use social media as a marketplace to promote her new studio in a variety of ways such as:
Creating social media adsCreating valuable content for your target audienceStrengthening the relationship with your consumersHow does social media help a business grow?Social networks are easy-to-use and inexpensive platforms for sharing ideas, advertising, etc. It is a medium where potential consumers can be found who can engage with valuable content posted by a company and be interested in it.
Therefore, social media can help Elana develop her business through direct advertising and reaching a wider audience.
Find more about social media at:
https://brainly.com/question/3653791
#SPJ1
What distinguishes a bank from an outside financial services company?
Financial services companies offer more products and services.
A bank’s financial services are not as robust as an outside financial services company.
Financial services companies have more qualified professionals.
Banks offer both banking and financial services products.
Answers
Answer:
A bank’s financial services are not as robust as an outside financial services company.
Answer:
do the challnge in brainly it gives u points !!!!
Explanation:
A _____ shows the proportion of data items.
Answers
A histogram shows the proportion of data items within different intervals or bins
A histogram shows the proportion of data items within different intervals or bins. It is a graphical representation that displays the distribution of a dataset. The horizontal axis of a histogram represents the range of values or intervals, while the vertical axis represents the frequency or proportion of data items falling into each interval. Each bar in the histogram corresponds to a specific interval and its height represents the proportion or frequency of data items within that interval. The width of each bar is determined by the range or size of the interval. Histograms are commonly used in statistics and data analysis to visualize the shape, central tendency, and spread of a dataset. They provide insights into the distribution of the data and can reveal patterns, clusters, or outliers. By examining the proportions of data items within different intervals, histograms allow for a better understanding of the data's characteristics and can aid in making informed decisions.
For more question on histogram
https://brainly.com/question/30329875
#SPJ8
businesses use organisational structure which is based around project but employee stay in their department
Answers
An organizational structure based around projects while employees remain in their departments combines the advantages of functional specialization and project-oriented collaboration
Businesses that adopt an organizational structure based around projects while keeping employees in their respective departments often follow a matrix or hybrid organizational structure. This approach allows organizations to leverage the benefits of both functional departments and project teams.
In this structure, employees are grouped into functional departments based on their areas of expertise or skills. These departments, such as finance, marketing, human resources, and operations, provide specialized support and resources to various projects within the organization. Each department is typically led by a department head or manager responsible for overseeing the department's operations and ensuring the delivery of functional objectives.
On the other hand, project teams are formed to address specific business objectives or initiatives. These teams are comprised of individuals from different departments who possess the necessary skills and expertise to achieve project goals. The project teams are usually led by a project manager who is responsible for coordinating activities, managing resources, and ensuring the successful completion of the project within the specified timeline and budget.
By adopting this organizational structure, businesses can maximize efficiency and resource utilization. Employees benefit from the stability and specialization offered by their department, allowing them to develop deep expertise in their functional areas. At the same time, they also have the opportunity to contribute their expertise to cross-functional project teams, enabling them to broaden their skills, collaborate with colleagues from different backgrounds, and gain exposure to diverse projects and challenges.
This structure facilitates better communication and coordination between departments, as project teams act as intermediaries, ensuring that information and resources flow seamlessly between the departments and the projects. Additionally, it encourages a culture of innovation and flexibility, as employees have the opportunity to contribute their unique perspectives and expertise to different projects, fostering a cross-pollination of ideas.
Overall, an organizational structure based around projects while employees remain in their departments combines the advantages of functional specialization and project-oriented collaboration, enabling businesses to efficiently execute projects while maintaining the stability and expertise of functional departments.
for more such question on organizational visit
https://brainly.com/question/25922351
#SPJ8
B. Lopez Company reports unadjusted first-year merchandise sales of 221,000 and cost of merchandise sales of $64,000. The company expects future returns and allowances equal to 5% of sales and 5% cost of sales. The year-end adjusting entry to record the cost side of sales returns and allowances is:
Answers
Answer: See explanation
Explanation:
The year-end adjusting entry to record the cost side of sales returns and allowances will be:
Dr Inventory Return estimated $3200
Cr Cost of goods sold $3200
(To record expected coat of returns)
Note that the above calculation was done as:
= $64,000 × 5%
= $64,000 × 0.05
= $3200
Geoffrey
But how will these open market
operations affect Typical Bank's required
reserves and excess reserves?
Required reserves will not change, but excess
reserves will rise.
Both required reserves and excess reserves will rise.
Answers
Open market operations refer to the buying and selling of government securities by the central bank in order to manage the money supply in the economy. Both required reserves and excess reserves will rise.
When the central bank buys securities from banks, it pays for them by adding reserves to the banks' accounts. This means that the reserves of Typical Bank will increase, including both required reserves (which are set by regulation and based on the bank's deposits) and excess reserves (which are the amount of reserves held above the required amount).
It's important to note that an increase in excess reserves could potentially lead to an increase in lending by banks, which could stimulate economic growth. However, it could also lead to inflation if the increase in lending leads to an excessive increase in the money supply.
The central bank must carefully manage open market operations to maintain stability in the economy.Therefore, the correct answer to the question is: "Both required reserves and excess reserves will rise."
For more such questions on economy visit:
https://brainly.com/question/30197415
#SPJ11
The financial statement effects of the payment of a cash dividend (on the date of payment for a previously declared dividend) include:_________.
Answers
Answer:
The financial statement effects of the payment of a cash dividend (on the date of payment for a previously declared dividend) include:_________.
a. Cash (Current Asset) is decreased.
b. Dividends Payable (Current Liability) is decreased.
Explanation:
The journal entry debits the Dividends Payable account and credits the Cash account. This reduces the dividends payable and the cash accounts respectively by the same amount. Therefore, current assets and current liabilities are decreased. The effects of the cash payment are on the Balance Sheet and Statement of Cash Flows only.
Isn't POWER the only real thing necessary in any negotiation? Explain why or why not.
Answers
Power is not necessary the only major bargaining point in any negotiation although it is one of the major factors that influence any negotiation.
While power increases the probability that people consider negotiating in the first place due to higher feelings of entitlement and confidence that a positive result can be achieved, it sometimes may not get the appropriate result. The Russian-Ukraine Crises is a perfect example of this
Factors that affect NegotiationSeveral factors may affect the outcome of a negotiation. One of the most important factor is the relative power between the negotiating parties.
Other factors include
The nature of the dispute.Economic importance of the negotiating partiesThe nature of the parties and their ongoing relationshipConflict management characteristics, or process factorsLearn more about Negotiation at https://brainly.com/question/902450
#SPJ1
Can anyone please write a summery of everything that happened in the Great depression?
Answers
Dwight Donovan, the president of Rundle Enterprises, is considering two investment opportunities. Because of limited resources, he will be able to invest in only one of them. Project A is to purchase a machine that will enable factory automation; the machine is expected to have a useful life of five years and no salvage value. Project B supports a training program that will improve the skills of employees operating the current equipment. Initial cash expenditures for Project A are $108,000 and for Project B are $33,000. The annual expected cash inflows are $36,113 for Project A and $9,612 for Project B. Both investments are expected to provide cash flow benefits for the next five years. Rundle Enterprises’ desired rate of return is 8 percent. (PV of $1 and PVA of $1) (Use appropriate factor(s) from the tables provided.)
Answers
Using the Net Present Value approach, the project that Rundle Enterprises should pick based on the desired rate of return and cash flows is Project A.
What are the net present values?The net present value is the a criteria for picking projects by deducting the expenses from the present value of the cash flows.
The project with the higher net present value should be picked.
The net present value of project A is:
= Present value of cash inflows - Initial expenditure
= (36,113 x present value interest factor for an annuity, 8%, 5 years) - 108,000
= 36,113 x 3.99271 - 108,000
= $36,188.74
The net present value of Project B:
= 9,612 x 3.99271 - 33,000
= $5,377.93
The project with the higher net present value is Project A so it should be selected.
Full question is:
Compute the net present value of each project. Which project should be adopted based on the net present value approach?
Find out more on net present value at https://brainly.com/question/17185385
#SPJ1
For each statement about Direct Competition and Indirect Competition,
choose True or False.
Indirect Competition is a
business whose services are
different from yours but
satisfy the same need.
All Companies that sell
goods and services are
Indirect Competitors.
When your target audience
buys products from a
competitor instead from
you, that is Indirect
Competition.
Direct Competition is a
company that offers
the same thing you
offer.
1. True
2. False
Answers
Answer:
Explanation:
1) Indirect Competition is a business whose services are different from yours but satisfy the same need.
True
2) All Companies that sell goods and services are Indirect Competitors.
False
3) When your target audience buys products from a competitor instead from you, that is Indirect Competition.
False
4) Direct Competition is a company that offers the same thing you offer.
True
Beverly Mills has decided to lease a hybrid car to save on gasoline expenses and to do her part to help keep the environment clean. The car she selected is available from only one dealer in the local area, but that dealer has several leasing options to accom-modate a variety of driving patterns. All the leases are for 3 years and require no money at the time of signing the lease. The first option has a monthly cost of $330, a total mileage allowance of 36,000 miles (an average of 12,000 miles per year), and a cost of $0.35 per mile for any miles over 36,000. The following table summarizes each of the three lease
options:
(See photos below)
Answers
Beverly Mills has three leasing options to choose from. Each of these options differs in terms of the monthly cost, the total mileage allowance, and the cost for any miles over the set mileage allowance. Depending on her driving patterns, Beverly Mills can select the option that suits her the best.
Beverly Mills decided to lease a hybrid car to save on gasoline expenses and to do her part to help keep the environment clean. The car she selected is available from only one dealer in the local area, but that dealer has several leasing options to accommodate a variety of driving patterns.All the leases are for 3 years and require no money at the time of signing the lease.
The three lease options available to Beverly Mills are as follows:
Option 1:Monthly cost: $330Total mileage allowance: 36,000 miles (an average of 12,000 miles per year)Cost for any miles over 36,000: $0.35 per mile
Option 2:Monthly cost: $460Total mileage allowance: 45,000 miles (an average of 15,000 miles per year)Cost for any miles over 45,000: $0.45 per mile
Option 3:Monthly cost: $540Total mileage allowance: 60,000 miles (an average of 20,000 miles per year)Cost for any miles over 60,000: $0.55 per mile
Therefore, Beverly Mills has three leasing options to choose from. Each of these options differs in terms of the monthly cost, the total mileage allowance, and the cost for any miles over the set mileage allowance. Depending on her driving patterns, Beverly Mills can select the option that suits her the best.
For more such questions on allowance
https://brainly.com/question/14191260
#SPJ8
Which section of a business plan gives details about a business's core products and services?
The
section of a business plan talks about a business's core products and services, and their features and benefits
to the consumers.
Answers
Answer:
an executive summary is compelling which reveals the company's mission statement, along with a short description of its products and services. its also good to briefly explain why you're starting your company and include details about your experience in the industry that you're entering
Alfred E. Old and Beulah A. Crane, each age 42, married on September 7,2017. Alfred and Beulah will file a joint return for 2019. Alfred's Social Security number is 111-11-1109. Beulah's Social Security number is 123-45-6780, and she adopted "Old" as her married name. They live at 211 Brickstone Drive, Atlanta, GA 30304. Alfred was divorce from Sarah Old in March 2016. Under the divorce agreement, Alfred is to pay Sarah $1,250 per month for the next 10 years or until Sarah's death, whichever occurs first. Alfred pays Sarah $15,000 in 2019. In addition, in January 2019, Alfred pays Sarah $50,000, which is designated as being for her share of the marital property. Also, Alfred is responsible for all prior years' income taxes. Sarah's Social Security number is 123-45-6788. Alfred's salary for 2019 is $150,000. He is an executive working for Cherry.Inc. (Federal I.D. No. 98-7654321). As part of his compensation package, Cherry provides him with group term life insurance equal to twice his annual salary. His employer withheld $24,900 for Federal income taxes and $8,000 for state income taxes. The proper amounts were withheld for FICA taxes. Beulah recently graduated from law school and is employed by Legal Aid Society.Inc. (Federal I.D. No. 11-1111111), as a public defender. She receives salary of $42,000 in 2019. Her employer withheld $7,500 for Federal income taxes and $2,400 for state income taxes. The proper amounts were withheld for FICA taxes. Alfred and Beulah had interest income of $500. They received $1,900 refund on their 2018 state income taxes. They claimed the standard deduction on their 2018 Federal income tax return. Alfred and Beulah pay $4,500 interest and $1,450 property taxes on their personal residence in 2019. Their charitable contributions total $2,400 (all to their church). They paid sales taxes of $1,400, for which they maintain the receipts. Alfred and Beulah have never owned or used any virtual currency, and they do not want to contribute to the Presidential Election Campaign. Compute the Old's net tax payable (or refund due) for 2019. Suggested software: ProConnect Tax Online
Answers
To compute the Olds' net tax payable (or refund due) for 2019, we need to gather all the relevant information and calculate their taxable income, apply the appropriate tax rates, deductions, and credits. Since the tax calculation involves various factors and tax laws, it would be best to use tax software such as ProConnect Tax Online or consult with a tax professional. The software will streamline the process and ensure accurate calculations based on the specific tax laws and regulations applicable to the Olds' situation.
The rate of unemployment when the economy is not in recession, meaning it is producing full-potential GDP, is called the natural rate of unemployment (u*). If the rate of unemployment is below this, the economy is experiencing BLANK cyclical unemployment.
Fill in the Blank:
Negative or Positive?
Answers
Answer:negative
Explanation:
I just got it right
Read the following paragraphs about four films and then identify the purpose of each paragraph.
Answers
According to the paragraph, (1) The paragraph of the conclusion made to evaluate. (2) To Summarize. (3) To Synthesize. (4) To Analyze.
What is the main purpose of each paragraph?Your paragraphs help to clarify, establish, and support your thesis statement or argument while also directing the reader through the document.
An successful paragraph should always have the following four components: unity, coherence, a topic sentence, and adequate development. One main topic or point should be covered in each paragraph.
Therefore, After reading the following paragraphs about four films and then identifying the purpose of each paragraph the conclusion made is:
To Evaluate.To Summarize.To Synthesize.To Analyze.To know more about the paragraph, visit:
https://brainly.com/question/16945178
#SPJ9
The complete question is attached:
help help help help help help plsss
Answers
The factor that determines whether a metamorphic rock is foliated or non - foliated, is A. the presence or absence of mineral crystals.
What is the difference between foliated and non - foliated metamorphic rocks ?The majority of the time, foliated rocks have aligned grains of flat minerals like chlorite. When the mineral grains are not arranged in planes or bands, as they are in foliated rocks, the rocks are said to be non-foliated.
Minerals that are platy or elongate and oriented in roughly parallel planes, wavy bands, or both are found in foliated rocks. Nonfoliated rocks may have colored bands that reflect minute impurities, but the primary minerals do not exhibit any obvious alignment.
Therefore, we can tell foliated and non - foliated metamorphic rocks apart, based on the presence of mineral crystals, or the lack thereof.
Find out more on foliated metamorphic rocks at https://brainly.com/question/19679511
#SPJ1
What are some job responsibilities of a sport marketer working in social media?
Answers
Answer:
Sport marketing is work to promotes sporting events, terms and players connected to those team.
Explanation:
Sport marketing often design based upon the signature players and sport franchises to use specific product or support sporting events.
Sport marketing managers connected to spectator sports specialize in sports realize higher income at the management level.Sport marketing sports marketing will depending upon the level of the position in many traditional promotional activities.Sport marketing as well as specialized to important knowledge to the sports world,they skills in the social media and internet.Sports marketing also need an in depth level of about sports understanding attitudes and environment of players and fans.Sport marketing degree is a bachelor degree at the certificate and associate degree level prefer that applications.Sport marketing program include they topics on the economic, marketing and sales they impacts to modern sports.Sport marketing become a sports marketing professional to have interest is sports talents of writing and communication.Sport marketing special because the sports marketing industry has low turnover, rather then general degree.What is one benefit of a limited liability company over a corporation
Answers
An investment should be classified as current on the balance sheet if (Select all that apply.)
Multiple select question.
it will be sold within 12 months.
it does not have a maturity date.
management has the intent and ability to liquidate it in the near term.
it is an investment of stock of another company regardless of maturity.
Answers
An investment should be classified as current on the balance sheet if: it will be sold within 12 months and management has the intent and ability to liquidate it in the near term.
What is asset liquidation?The process of turning non-liquid assets, including real estate, machinery, or investments, into cash is known as asset liquidation. This procedure is frequently required when a company is having financial problems and wants to obtain money rapidly.
A company may choose to liquidate its assets as part of a closure or when it wishes to get rid of any extra ones. The procedure may entail selling individual or large quantities of goods at auction or privately, as well as reclaiming assets and selling them to settle debts. During liquidation, creditors, debts, and other outstanding liabilities are settled using the money raised from the sale of assets.
To learn more about liquidation visit here:
https://brainly.com/question/13525747
#SPJ4
Explain the three main cloud delivery models. Select one model and research how a
particular business can leverage it for business advantage.
Answers
Answer:
The three main cloud delivery models are Infrastructure as a Service (IaaS), Platform as a Service (PaaS), and Software as a Service (SaaS).
IaaS provides businesses with access to virtualized computing resources such as servers, storage, and networking. It allows them to build and manage their own applications and infrastructure in the cloud. PaaS provides a platform for businesses to develop, deploy, and manage their own applications without worrying about the underlying infrastructure. SaaS provides access to applications hosted and managed by a third-party provider. It allows businesses to use software without installing or maintaining it themselves.
I choose IaaS
A business can leverage the IaaS model to gain a competitive advantage by quickly scaling up or down their computing resources per their business needs. This can be particularly beneficial for businesses with fluctuating demand or requiring significant computing resources for a short period. IaaS helps businesses avoid the costs associated with purchasing and maintaining their own hardware. Corporations also avoid the time and resources to set up and configure their infrastructure.
[You don't have to struggle with answers, essays, and research papers. Get them instantly from proffrank01[at]gm ail. c om. Score maximum points with outstanding papers. Cheers]
For instance, Airbnb has leveraged the IaaS model. As the company has grown rapidly, its computing needs have also increased, particularly during peak travel seasons. To handle the increased demand, Airbnb uses Amazon Web Services (AWS) to quickly scale up its computing resources as needed, allowing it to handle many users and bookings. Consequently, Airbnb avoids the costs and complexities of managing its own infrastructure. Furthermore, it ensures that its platform is always available and responsive to users.
Explanation:
The three main cloud delivery models are Software as a Service , Platform as a Service, and Infrastructure as a Service .
What are the cloud delivery models?SaaS: In this model, a third-party provider hosts applications and makes them available to customers over the internet. Users can access the software through a web browser or a specialized application.
PaaS: In this model, the provider delivers a platform for customers to develop, run, and manage their own applications without having to build and maintain the underlying infrastructure.
IaaS: In this model, the provider offers virtualized computing resources over the internet, such as servers, storage, and networking.
Learn more about cloud on
https://brainly.com/question/19057393
#SPJ1
As a result of a depreciation of the dollar relative to the Euro, the equilibrium Euro price of US imports will
Answers
Answer:
fall
Explanation:
Depreciation is the decline in the value of a currency. When the dollar declines in value relative to the Euro, it means that the value of the dollar has declined relative to the Euro.
For example, let us assume that the exchange rate at the beginning and the end of the year are :
£1 - $10
£1 - $20
respectively
This shows that the dollar has depreciated and the euro has appreciated.
As a result, it would be cheaper for countries whose currency is the Euro to buy goods from a country whose currency is the dollar. So, the equilibrium Euro price of US imports will fall.
If you were Marshall’s manager how might you increase Marshall’s awareness of the negative impact he is having on his team?
Answers
As Marshall's manager, I would increase his awareness of the negative impact he is having on his team by providing specific and constructive feedback on his behavior and its consequences. This would involve having open and honest conversations with Marshall, highlighting examples of how his actions are affecting team morale, productivity, and collaboration.
In order to effectively address Marshall's negative impact on his team, it is important to approach the situation with clarity and professionalism. By providing specific examples of incidents where Marshall's behavior has caused harm, I can help him understand the direct consequences of his actions. This feedback should be delivered in a constructive manner, focusing on the behaviors rather than attacking his character.
By emphasizing the impact on team dynamics, performance, and overall work environment, Marshall can begin to see the need for change. Additionally, it would be beneficial to discuss alternative approaches and provide guidance on how he can improve his interactions with the team. Ongoing feedback and support from me as his manager can help Marshall recognize the negative impact he is having and encourage him to take steps towards positive change.
For more such answers on negative impact
https://brainly.com/question/32299187
#SPJ8
If the changes in sales between May and June continue at the same rate, what will be the percent change in total computer sales from June to July? (Round your answer to the nearest tenth.)
a.
17.1%
b.
20.7%
c.
34.0%
d.
43.2%
Answers
Answer:
A. 17.1%
Explanation: