Breitenberg Company reported inventory in the 2022 year-end balance sheet, using the average cost method, as $151,000.

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Breitenberg Company reported inventory in the 2022 year-end balance sheet, using the average cost method, as $151,000. In 2023, the company decided to change its inventory method to FIFO. If the company had used the FIFO method in 2022, ending inventory would have been $160,000.

What adjustment would Breitenberg make to record this change in inventory method?

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Financial Accounting

ISBN: 9781618533111

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Authors: Michelle L. Hanlon, Robert P. Magee, Glenn M. Pfeiffer, Thomas R. Dyckman

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Posted Date: Apr 08, 2024 04:13 AM

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Breitenberg Company reported inventory in the 2022 year-end balance sheet, using the average cost method, as $151,000.

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To record the change in inventory method from average cost to FIFO Breitenberg Company would need to ... View the full answer

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