Question
Hongkong, Inc. began operations in 2017 and began accounting for inventory on a LIFO basis, but decided to change to FIFO in 2019. Ending inventory
Hongkong, Inc. began operations in 2017 and began accounting for inventory on a LIFO basis, but decided to change to FIFO in 2019. Ending inventory under both methods was
LIFO 2017- 11,000 FIFO - 12,000
LIFO 2018 - 17,000 FIFO - 10,000
Prepare the journal entry that Hongkong, Inc made in 2019 when the change was made.
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Financial Accounting
Authors: Robert Libby, Patricia Libby, Daniel Short
5th Edition
0073208140, 978-0073208145
