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Energy, Inc began operations in the year 20x5 using LIFO inventory methods. In year 20x6, management decided they should have chosen FIFO. The beginning inventory
Energy, Inc began operations in the year 20x5 using LIFO inventory methods. In year 20x6, management decided they should have chosen FIFO. The beginning inventory for year 20x6 using LIFO was $125,000. Under the FIFO method, the beginning inventory would have been $140,000. The adjustment to inventory for the change in accounting principle for year 20x6 would be ________.
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