Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. please help.thank you please making correction.

Please help.Thank you Please making correction. Bramble Co. decides at the beginning of...

60.1K

Verified Solution

Question

Accounting

Please help.Thank you

imageimageimage
Please making correction.
Bramble Co. decides at the beginning of 2020 to adopt the FIFO method of inventory valuation. Bramble had used the LIFO method for financial reporting since its inception on January 1, 2018, and had maintained records adequate to apply the FIFO method retrospectively. Bramble concluded that FIFO is the preferable inventory method because it reflects the current cost of inventory on the balance sheet. The following table presents the effects of the change in accounting principles on inventory and cost of goods sold. Income taxes are ignored. Retained earnings reported under LIFO are as follows. Other information: 1. For each year presented, sales are $2,900 and operating expenses are $1,040. 2. Bramble provides two years of financial statements. Earnings per share information is not required. Prepare comparative retained earnings statements for 2019 and 2020 under FIFO

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

What is the m BDE J O O 00 313 86 94 47 E 47...

Geometry
Q

DONOmework Section 1 om Student PlayerHomework osas y cavidades C 2784 Chiku

Basic Math
Q

Humans have little or no sensitivity to polarized light, and no sensitivity at all to ultraviolet...

Physics
Q

In 3-4 paragraphs, explain what issues prisoners face in preparing for their reentry into a community?...

Psychology
Q

A magnetic field is applied at perpendicular to the axis of cylinderical discharge tube then...

Physics
Q

A cuboidal piece of wood has dimensions a b and c Its relative density is...

Physics
Q

Find an equation of the ellipse that has center 3 3 a major axis of...

Basic Math
Q

Find the direction angle of v for the following vector v 3 3i 3j What...

Algebra
Q

You are the auditor of Pegasus Limited (Pegasus), a resources mining company. Pegasus owns and...

Accounting
Q

For each of the procedures described in the table below, identify the audit procedure performed...

Accounting
Q

TAL Distributor database 334 665 Rep RepNum LastName FirstName Street City State PostalCode Commission...

Accounting
Q

You have inherited $10 Million from your rich uncle Jack. All of the sudden, everybody...

Finance