Question 8 Linden Corporation started operations on January 1, 2012, and has used the FIFO cost formula since its inception. In 2018, it decides to...
Do not know how to solve type of question? really appreciate about it
Question 8Linden Corporation started operations on January 1, 2012, and has used the FIFO cost formula since its inception. In 2018, it decides to switch to the weighted average cost formula. You are provided with the following information.Retained EarningsNet Income( Ending Balance)Under WeightedUnder FIFOAverage CostUnder FIFO2012$104,000$93,200$104,000201386,00080,500180,0002014104,00098,400269,0002015134,000142,400388,0002016305,000297,700643,0002017307,000311,400835,000Answer the following, ignoring income tax considerations.What is the beginning retained earnings balance at January 1, 2014, if Linden prepares comparative financial statements starting in 2014?Beginning retained earnings balance, January 1, 2014 $What is the beginning retained earnings balance at January 1, 2017, if Linden prepares comparative financial statements starting in 2017?Beginning retained earnings balance, January 1, 2017 $
Show more
