Inventory costing methods : The costing method that is used to record the cost of goods sold and ending inventory in the financial statements is referred to as inventory costing methods. Average cost method : Inventory costing method that assumes average cost of all the units is referred to as average method. First-in-first-out (FIFO) : As the name implies, the inventory bought first is used or transferred out first. To Journalize : The adjusting entry of B&B Incorporation for the year 2016.

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Answer 1

Question

Chapter 20, Problem 20.1BE

(1)

To determine

Inventory costing methods: The costing method that is used to record the cost of goods sold and ending inventory in the financial statements is referred to as inventory costing methods.

Average cost method: Inventory costing method that assumes average cost of all the units is referred to as average method.

First-in-first-out (FIFO): As the name implies, the inventory bought first is used or transferred out first.

To Journalize: The adjusting entry of B&B Incorporation for the year 2016.

(2)

To determine

To Describe: The other steps B & B Incorporation should take to report the change.

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Answer 2

Question

Chapter 20, Problem 20.1BE

(1)

To determine

Inventory costing methods: The costing method that is used to record the cost of goods sold and ending inventory in the financial statements is referred to as inventory costing methods.

Average cost method: Inventory costing method that assumes average cost of all the units is referred to as average method.

First-in-first-out (FIFO): As the name implies, the inventory bought first is used or transferred out first.

To Journalize: The adjusting entry of B&B Incorporation for the year 2016.

(2)

To determine

To Describe: The other steps B & B Incorporation should take to report the change.

Expert Solution & Answer

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Answer 3

Question

Chapter 20, Problem 20.1BE

(1)

To determine

Inventory costing methods: The costing method that is used to record the cost of goods sold and ending inventory in the financial statements is referred to as inventory costing methods.

Average cost method: Inventory costing method that assumes average cost of all the units is referred to as average method.

First-in-first-out (FIFO): As the name implies, the inventory bought first is used or transferred out first.

To Journalize: The adjusting entry of B&B Incorporation for the year 2016.

(2)

To determine

To Describe: The other steps B & B Incorporation should take to report the change.

Expert Solution & Answer

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Answer 4

Question

Chapter 20, Problem 20.1BE

(1)

To determine

Inventory costing methods: The costing method that is used to record the cost of goods sold and ending inventory in the financial statements is referred to as inventory costing methods.

Average cost method: Inventory costing method that assumes average cost of all the units is referred to as average method.

First-in-first-out (FIFO): As the name implies, the inventory bought first is used or transferred out first.

To Journalize: The adjusting entry of B&B Incorporation for the year 2016.

(2)

To determine

To Describe: The other steps B & B Incorporation should take to report the change.

Expert Solution & Answer

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Answer 5

Chapter 20, Problem 20.1BE

(1)

To determine

Inventory costing methods: The costing method that is used to record the cost of goods sold and ending inventory in the financial statements is referred to as inventory costing methods.

Average cost method: Inventory costing method that assumes average cost of all the units is referred to as average method.

First-in-first-out (FIFO): As the name implies, the inventory bought first is used or transferred out first.

To Journalize: The adjusting entry of B&B Incorporation for the year 2016.

(2)

To determine

To Describe: The other steps B & B Incorporation should take to report the change.

Answer 6

Chapter 20, Problem 20.1BE

(1)

To determine

Inventory costing methods: The costing method that is used to record the cost of goods sold and ending inventory in the financial statements is referred to as inventory costing methods.

Average cost method: Inventory costing method that assumes average cost of all the units is referred to as average method.

First-in-first-out (FIFO): As the name implies, the inventory bought first is used or transferred out first.

To Journalize: The adjusting entry of B&B Incorporation for the year 2016.

Answer 7

Chapter 20, Problem 20.1BE

(1)

To determine

Inventory costing methods: The costing method that is used to record the cost of goods sold and ending inventory in the financial statements is referred to as inventory costing methods.

Average cost method: Inventory costing method that assumes average cost of all the units is referred to as average method.

First-in-first-out (FIFO): As the name implies, the inventory bought first is used or transferred out first.

To Journalize: The adjusting entry of B&B Incorporation for the year 2016.

Answer 8

(2)

To determine

To Describe: The other steps B & B Incorporation should take to report the change.

Answer 9

(2)

To determine

To Describe: The other steps B & B Incorporation should take to report the change.

Answer 10

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Answer 11

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Answer 12

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Answer 13

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