Change to LIFO Retail Mueller Ltd., a local retailing concern in the Bronx, N.Y., has decided to
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Change to LIFO Retail Mueller Ltd., a local retailing concern in the Bronx, N.Y., has decided to change from the conventional retail inventory method to the LIFO retail method starting on January 1, 2011. The company recomputed its ending inventory for 2010 in accordance with the procedures necessary to switch to LIFO retail. The inventory computed was $210,600.Assuming that Mueller Ltd.’s ending inventory for 2010 under the conventional retail inventory method was $205,000, prepare the appropriate journal entry on January 1, 2011.
Ending InventoryThe 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 =...
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Related Book For 
Intermediate Accounting
ISBN: 978-0470423684
13th Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, And Terry D. Warfield
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