Question
company changed from LIFO to the FIFO inventory costing method on January 1, 2015. Inventory values at the end of each year since the inception
companychanged from LIFO to the FIFO inventory costing method on January 1, 2015.
Inventory values at the end of each year since the inception of the company are as follows:
| FIFO | LIFO | |
| 2014 | $300,000 | $280,000 |
| 2015 | 5000,000 | 460,000 |
Required:
Ignoring income tax considerations, prepare the entry to report this accounting change.
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Management Accounting
Authors: Late RC Sekhar, AV Rajagopalan
1st Edition
195683609, 978-0195683608
