Question: A. Prepare the journal entry necessary to record a change from the average-cost method to the FIFO method in 2026. B. Determine net income to

A. Prepare the journal entry necessary to record a change from the

A. Prepare the journal entry necessary to record a change from the average-cost method to the FIFO method in 2026.

B. Determine net income to be reported for 2023, 2024, and 2025, after giving effect to the change in accounting principle.

C. Assume Holder-Webb Company used the LIFO method instead of the average-cost method during the years 20232025. In 2026, Holder-Webb changed to the FIFO method. Prepare the journal entry necessary to record the change in principle

Blue Company began operations on January 1, 2023, and uses the average-cost method of pricing inventory. Management is contemplating a change in inventory methods for 2026. The following information is available for the years 2023-2025. (Ignore all tax effects.)

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