Business, 03.01.2020 01:31, jaxondbagley

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 $38 million (fifo). cps’s records indicated that the inventories would have totaled $28.6 million at december 31, 2020, if determined on an average cost basis. required: 1. prepare the journal entry to record the adjustment. (ignore income taxes.)

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In 2021, cps company changed its method of valuing inventory from the fifo method to the average cos...