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(Solution Download) The Cecil-Booker Vending Company changed its method of valuing inventory from the average cost metho


 

 

 

 

 

 

 

 

 

 

The Cecil-Booker Vending Company changed its method of valuing

 

inventory from the average cost method to the FIFO cost method at

 

the beginning of 2013. At December 31, 2012, inventories were

 

$119,000 (average cost basis) and were $123,000 a year earlier.

 

Cecil-BookerA????1s accountants determined that the inventories would

 

have totaled $153,000 at December 31, 2012, and $158,000 at

 

December 31, 2011, if determined on a FIFO basis. A tax rate of 40%

 

is in effect for all years.

 

 

    One hundred thousand common shares were

 

outstanding each year. Income from continuing operations was

 

$390,000 in 2012 and $515,000 in 2013. There were no extraordinary

 

items either year.

 

 


 

  

 

 

 

 

 

 

 

Required:

 

 

 

 

 

 

 

 

 

 

 

 

1.

 

Prepare the journal entry to record the change in accounting

 

principle. (If no entry is required for a particular event,

 

select "No journal entry required" in the first account

 

field.)

 

 

      

 

  

 

 

 

 

 

 

 

 

 

 

 

 

2.

 

Prepare the 2013A????12012 comparative income statements beginning

 

with income from continuing operations. Include per share amounts.

 

(Round EPS answers to 2 decimal places.)

 

 

       

 

rev: 08_08_2013_QC_33582

 

  

 

check my workreferencesebook & resources

 


 

A????12015 McGraw-Hill Education. All rights

 

reserved.

 


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