Question
Macintosh Incorporated changed from LIFO to the FIFO inventory costing method on January 1, 2018. Inventory values at the end of each year since the
Macintosh Incorporated changed from LIFO to the FIFO inventory costing method on January 1, 2018. Inventory values at the end of each year since the inception of the company are as follows:
| FIFO | LIFO | |
| 2016 | $195,000 | $177,500 |
| 2017 | 390,000 | 355,000 |
Required: Ignoring income tax considerations, prepare the entry to report this accounting change. ( put "NO ENTRY" if no entry is required)
Transaction #1: Record the accounting change
| Transaction | General Journal | Debit | Credit |
| Jan 01, 2018 | |||
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Process Driven Comprehensive Auditing A New Way To Conduct ISO 9001 2008 Internal Audits
Authors: Paul C. Palmes
2nd Edition
0873897544, 978-0873897549
