Shondee Corporation uses the lower of cost or market and FIFO inventory methods. At the end of

Question:

Shondee Corporation uses the lower of cost or market and FIFO inventory methods. At the end of 2016, the FIFO cost of the ending inventory was $181,000, and the market value of the inventory was $160,000. The corporation switched to LIFO in 2017. As a result, how much must Shondee Corporation add to income for each of the years 2017, 2018, and 2019?

Ending Inventory
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =... Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...