Question: BE 9-13 ? Change in inventory costing methods In 2018, Hopyard Lumber changed its inventory method from LIFO to FIFO. Inventory at the end

BE 9-13 ? Change in inventory costing methods In 2018, Hopyard Lumber
changed its inventory method from LIFO to FIFO. Inventory at the end

BE 9-13 ? Change in inventory costing methods In 2018, Hopyard Lumber changed its inventory method from LIFO to FIFO. Inventory at the end of 2017 of 5127.000 would have been 51457000 if FIFO had been used. Inventory at the end of 2018 is S162,OOO using the new FIFO method but would have been S151,000 if the company had continued to use LIFO. Describe the steps Hopyard should take to report this change. I'Vhat is the effect of the change on 2018 cost of goods sold?

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