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Zboncak Company reported inventory in the 2021 year-end balance sheet, using the LIFO method, as $128,000. In 2022, the company decided to change its inventory
Zboncak Company reported inventory in the 2021 year-end balance sheet, using the LIFO method, as $128,000. In 2022, the company decided to change its inventory method to average cost. If the company had used the average cost method in 2021, ending inventory would have been S165,000. What adjustment would Zboncak make to record this change in inventory method?
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Financial Accounting
Authors: Michelle L. Hanlon, Robert P. Magee, Glenn M. Pfeiffer, Thomas R. Dyckman
6th Edition
1618533118, 978-1618533111
