Business, 26.11.2021 22:00 pedroramirezr2

Smith Corporation began Year 1 with a difference of $50,000 between inventory valued internally using FIFO and inventory valued using LIFO. At the end of Year 1, this difference increased to $75,000. The journal entry to record this increase would include a A. credit to LIFO reserve for $75,000.
B. debit to LIFO reserve for $25,000.
C. debit to LIFO reserve for $75,000.
D. credit to LIFO reserve for $25,000.

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