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4 In 2020 FY Co. decided to change to the FIFO method for inventory . The Cost of Goods Sold in 1919 was $300,000 under
4
In 2020 FY Co. decided to change to the FIFO method for inventory . The Cost of Goods
Sold in 1919 was $300,000 under LIFO. Under FIFO it would have been $250,000
In 2020 under FIFO Cost of Goods Sold would have been $360,000 whereas under LIFO
It would have been $410,000. Journalize all necessary adjusting entries for 2020.
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Fundamentals of Advanced Accounting
Authors: Joe Ben Hoyle, Thomas Schaefer, Timothy Doupnik
5th edition
978-0077924379, 77924371, 978-0078025396, 78025397, 978-0077425654, 77425650, 978-0077667061
