The inventories of Berry Company for the years 2019 and 2020 are as follows: Cost NRV January 1, 2019 $10,000 $10,000 December 31, 2019 13,000 11,500 December 31, 2020 15,000 14,000 Berry uses a perpetual inventory system and the FIFO inventory cost flow assumption. Required: 1. Assume the inventory that existed at the end of 2019 was sold in 2020. Prepare the necessary journal entries at the end of each year to record the correct inventory valuation if Berry uses the: a. direct method b. allowance method 2. Next Level Explain any differences in inventory valuation and income between the two methods.

Kenney co. uses process costing to account for the production of canned energy drinks. direct materials are added at the beginning of the process and conversion costs are incurred uniformly throughout the process. equivalent units have been calculated to be 19,200 units for materials and 16,000 units for conversion costs. beginning inventory consisted of $11,200 in materials and $6,400 in conversion costs. april costs were $57,600 for materials and $64,000 for conversion costs. ending inventory still in process was 6,400 units (100% complete for materials, 50% for conversion). the total cost per unit using the weighted average method would be closest to:

Most states have licensing registration requirements for child care centers and family daycare homes. these usually include minimum standard for operation. which of the following would you most likely find required in a statement of state licensing standards for child care centers?

Why is efficiency an important economic goal?