{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-06-28T09:07:57-04:00", "answer_date": "2024-06-28 09:07:57", "is_docs_available": null, "is_excel_available": null, "is_pdf_available": null, "count_file_available": 0, "main_page": "student_question_view", "question_id": "4280022", "url": "\/study-help\/questions\/staples-inc-was-accounting-for-its-inventory-using-the-lifo-4280022", "question_creation_date_js": "2024-06-28T09:07:57-04:00", "question_creation_date": "Jun 28, 2024 09:07 AM", "meta_title": "[Solved] Staples Inc., was accounting for its inve | SolutionInn", "meta_description": "Answer of - Staples Inc., was accounting for its inventory using the LIFO method prior to 2014. In 2014, it changed to FIFO. The c | SolutionInn", "meta_keywords": "staples,inc.,accounting,inventory,lifo,method,2014,changed,fifo,company,decided,income", "question_title_h1": "Staples Inc., was accounting for its inventory using the LIFO method prior to 2014. In 2014, it changed to FIFO. The company decided to use", "question_title": "Staples Inc., was accounting for its inventory using the LIFO method prior", "question_title_for_js_snippet": "Staples Inc , was accounting for its inventory using the LIFO method prior to 2014 In 2014, it changed to FIFO The company decided to use the same method (LIFO) for income tax purposes The tax rate enacted is 30 Income before taxes under both the methods for the past three years appears below 2013 2014 LIFO $300,000 $200,000 FIFO 500,000 250,000 What amount will be debited to inventory account, to record the change at beginning of 2014", "question_description": "Staples Inc., was accounting for its inventory using the LIFO method prior to 2014. In 2014, it changed to FIFO. The company decided to use the same method (LIFO) for income tax purposes. The tax rate enacted is 30%. Income before taxes under both the methods for the past three years appears below. 2013 2014 LIFO $300,000 $200,000 FIFO 500,000 250,000 What amount will be debited to inventory account, to record the change at beginning of 2014", "transcribed_text": "", "related_book": { "title": "Fundamentals Of Statistics", "isbn": "978-032184460, 032183870X, 321844602, 9780321838704, 978-0321844606", "edition": "4th Edition", "authors": "Michael Sullivan III", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/445.jpg", "uri": "\/textbooks\/fundamentals-of-statistics-4th-edition-445", "see_more_uri": "" }, "free_related_book": { "isbn": "0804754462", "uri": "\/textbooks\/americas-kingdom-mythmaking-on-the-saudi-oil-frontier-1st-edition-978-0804754460-303770", "name": "Americas Kingdom Mythmaking On The Saudi Oil Frontier", "edition": "1st Edition" }, "question_posted": "2024-06-28 09:07:57", "see_more_questions_link": "\/study-help\/questions\/business-corporate-finance-2020-July-01", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/for-each-of-the-following-accounts-place-the-corresponding-letters", "description": "For each of the following accounts, place the corresponding letter(s) of its account type in the space provided. 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