Question: Mighty Inc changed from LIFO to FIFO inventory costing method on January 1 2013 Inventory values at the end of each year since the inception

Mighty Inc changed from LIFO to FIFO inventory costing method on January 1 2013

Inventory values at the end of each year since the inception of the company are as follows

FIFO LIFO

2011 200,000 180,000

2012 400,000 360,000

required Ignoring income taxes considerations, prepare the entry to report this accounting change. Show how you calculated the number

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