Question
Bojangle Incorporated adopted the dollar-value LIFO method last year. Last year's ending inventory was $53,700. The ending inventory for the current year at year-end (FIFO)
Bojangle Incorporated adopted the dollar-value LIFO method last year. Last year's ending inventory was $53,700. The ending inventory for the current year at year-end (FIFO) cost is $99,000 and on a dollar-value LIFO basis is $93,630. Based on this information, prepare the journal entry required to adjust Bojangle's ending inventory from FIFO to a dollar-value LIFO basis.
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Intermediate Accounting
Authors: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella
1st edition
978-0133251579, 133251578, 013216230X, 978-0134102313, 134102312, 978-0132162302
