Windsor Company Reported the Following Summarized Information at the End

question 97

Essay

Windsor Company reported the following summarized information at the end of 2015: The controller of the company is considering a switch from FIFO to average. He has determined that under average, the ending inventory would have been $150,000.
Instructions
a. Restate the above summarized information using average.
b. What effect, if any, would the proposed change have on Windsor's profit and cash flows?
c. If you were an owner of this business, what would your reaction be to this proposed change?

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Definitions:

Overstated

When financial information or figures are represented to be more significant or higher than they actually are.