Question: will thumbs up for correct answer and correct response TB Problem 20-119 (Static) Macintosh Inc. changed from LIFO to the FIFO inventory costing method on

will thumbs up for correct answer and correct response

TB Problem 20-119 (Static) Macintosh Inc. changed from LIFO to the FIFO inventory costing method on January 1, 2021. Inventory values at the end of each year since the inception of the company are as follows: PIFO LIFO 2019 $200,000 $180,000 2020 400,000 360,000 Required: Ignoring income tax considerations, prepare the entry to report this accounting change. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Answer is complete but not entirely correct. No Date General Journal Dobit Credit 1 40,000 January 01, 2021 Inventory Retained earnings 40,000

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