Question
Last year, Anns Trophies, Inc. changed their inventory method from utilizing FIFO to LIFO. Anns inventory at the end of 2017 was reported on the
Last year, Anns Trophies, Inc. changed their inventory method from utilizing FIFO to LIFO. Anns inventory at the end of 2017 was reported on the balance sheet as $200 million. If the LIFO method had been used, 2017 ending inventory would have been estimated at $250 million. Ignoring income taxes, the adjustment to 2018s beginning retained earnings would be:
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Financial Accounting An Introduction To Concepts Methods And Uses
Authors: Clyde P. Stickney, Roman L. Weil
8th Edition
0030182689, 978-0030182686
