Rockwell corporation uses a periodic inventory system and has used the fifo cost method since inception of the company in 1979. in 2018, the company decided to switch to the average cost method. data for 2018 are as follows: beginning inventory, fifo (4,800 units @ $34) $ 163,200 purchases: 4,800 units @ $40 $ 192,000 4,800 units @ $44 211,200 403,200 cost of goods available for sale $ 566,400 sales for 2018 (6,000 units @ $65) $ 390,000 additional information: the company's effective income tax rate is 40% for all years. if the company had used the average cost method prior to 2018, ending inventory for 2017 would have been $115,200. 8,400 units remained in inventory at the end of 2018.
required: 1. ignoring income taxes, prepare the 2018 journal entry to adjust the accounts to reflect the average cost method.
2. what is the effect of the change in methods on 2018 net income?

Jansen company borrowed $12,000 on a 1-year, 5 percent note payable from the local bank on april 1. interest was paid quarterly, and the note was repaid one year from the time the money was borrowed. calculate the amount of cash payments jansen was required to make in each of the two calendar years that were affected by the note payable.

Walsh company manufactures and sells one product. the following information pertains to each of the company’s first two years of operations: variable costs per unit: manufacturing: direct materials $ 25 direct labor $ 12 variable manufacturing overhead $ 5 variable selling and administrative $ 4 fixed costs per year: fixed manufacturing overhead $ 400,000 fixed selling and administrative expenses $ 60,000 during its first year of operations, walsh produced 50,000 units and sold 40,000 units. during its second year of operations, it produced 40,000 units and sold 50,000 units. the selling price of the company’s product is $83 per unit. required: 1. assume the company uses variable costing: a. compute the unit product cost for year 1 and year 2. b. prepare an income statement for year 1 and year 2. 2. assume the company uses absorption costing: a. compute the unit product cost for year 1 and year 2. b. prepare an income statement for year 1 and year 2. 3. reconcile the difference between variable costing and absorption costing net operating income in year 1.

In june 2009, at the trough of the great recession, the bureau of labor statistics announced that of all adult americans, 140,196,000 were employed, 14,729,000 were unemployed and 80,729,000 were not in the labor force. use this information to calculate: a. the adult population b. the labor force c. the labor-force participation rate d. the unemployment rate