Question
Macintosh Inc. changed from LIFO to the FIFO inventory costing method on January 1, 2016. Inventory values at the end of each year since the
| Macintosh Inc. changed from LIFO to the FIFO inventory costing method on January 1, 2016. Inventory values at the end of each year since the inception of the company are as follows: |
| FIFO | LIFO | |||||
| 2014 | $ | 196,000 | $ | 178,000 | ||
| 2015 | 392,000 | 356,000 |
| Required: |
| Ignoring income tax considerations, prepare the entry to report this accounting change. |
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Fundamental accounting principle
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
21st edition
1259119831, 9781259311703, 978-1259119835, 1259311708, 978-0078025587
