Business, 15.07.2020 03:01 bckyanne3

Macintosh Inc. changed from LIFO to the FIFO inventory costing method on January 1, 2021. Inventory values at the end of each year since the Inception of the company are as follows:

FIFO LIFO
2019 $196,000 $178,000
2020 392,000 356,000

Required:
Ignoring Income tax considerations. prepare the entry to report this accounting change

Answers: 2

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Macintosh Inc. changed from LIFO to the FIFO inventory costing method on January 1, 2021. Inventory...

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