AC 302 WEEK 8 Chapter 22 Homework Exercise 22 Ques

AC 302 WEEK 8 Chapter 22 Homework Exercise 22 Question 4
aluation since its inception. In 2014, it decides to switch to the average cost method. You are provided with the following information.
		
Net Income		Retained Earnings
(Ending Balance)
		Under FIFO		Under Average-Cost		Under FIFO


a) What is the beginning retained earnings balance at January 1, 2011, if Gordon prepares comparative financial statements starting in 2011?

(b) What is the beginning retained earnings balance at January 1, 2014, if Gordon prepares comparative financial statements starting in 2014?

c) What is the beginning retained earnings balance at January 1, 2015, if Gordon prepares single-period financial statements for 2015?

(d) What is the net income reported by Gordon in the 2014 income statement if it prepares comparative financial statements starting with 2012?

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