Business, 23.03.2021 05:50 josie126

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: FIFO LIFO 2019 $ 190,000 $ 175,000 2020 380,000 350,000 Required: Ignoring income tax considerations, prepare the entry to report this accounting change.

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Macintosh Inc. changed from LIFO to the FIFO inventory costing method on January 1, 2021. Inventory...

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