In 2021, cps company changed its method of valuing inventory from the fifo method to the average cost method. at december 31, 2020, cps’s inventories were $41 million (fifo). cps’s records indicated that the inventories would have totaled $31.0 million at december 31, 2020, if determined on an average cost basis.

prepare the journal entry to record the adjustment. (ignore income taxes.)

briefly describe other steps cps should take to report the change.

How do you get a monthly budget spend down

Starting at age 30, you deposit $2000 a year into an ira account for retirement. treat the yearly deposits into the account as a continuous income stream. if money in the account earns 7%, compounded continuously, how much will be in the account 35 years later, when you retire at age 65? how much of the final amount is interest?

Match the given situations to the type of risks that a business may face while taking credit. 1. beta ltd. had taken a loan from a bank for a period of 15 years, but its sales are gradually showing a decline. 2. alpha ltd. has taken a loan for increasing its production and sales, but it has not conducted any research before making this decision. 3. delphi ltd. has an overseas client. the economy of the client’s country is going through severe recession. 4. delphi ltd. has taken a short-term loan from the bank, but its supply chain logistics are not in place. a. foreign exchange risk b. operational risk c. term of loan risk d. revenue projections risk