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How to Change from LIFO to FIFO Year 2023 2024 Total at beginning of 2025 Net Income Net Income for Difference for LIFO FIFO in

How to Change from LIFO to FIFO Year 2023 2024 Total at beginning of 2025 Net Income Net Income for Difference for LIFO FIFO in Income $120,000 $122,000 100,000 103,000 Step 1: Adjust asset, liability, and retained earnings at the beginning of 2025 as if Lancer had used FIFO in previous periods (2023 and 2024). Journal entry the beginning of 2025

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