Males Company changed from the LIFO to the FIFO inventory costing method on January 1, year 3.
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Question:
Males Company changed from the LIFO to the FIFO inventory costing method on January 1, year 3. Inventory values at the end of each year since the inception of the company are as follows:
Ignoring income tax considerations, prepare the appropriate journal entry , dated January 1, year 3, to report this accounting change. (if no entry is required for a transaction/event, select ?No journal entry required? in the first account field.)
Related Book For
Financial Accounting Tools for business decision making
ISBN: 978-0470534779
6th Edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
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