Mighty Inc changed from LIFO to FIFO inventory costing method on January 1 2013 Inventory values at
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Question:
Mighty Inc changed from LIFO to FIFO inventory costing method on January 1 2013
Inventory values at the end of each year since the inception of the company are as follows
FIFO LIFO
2011 200,000 180,000
2012 400,000 360,000
required Ignoring income taxes considerations, prepare the entry to report this accounting change. Show how you calculated the number
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