tsFog Gear Incorporated changed from LIFO to the FIFO inventory costing method onJanuary 1, 2024.Inventory values at the end of each year since the inception of the company are asfollows:20222023FIFO$ 192,000384,000LIFO$ 176,000352,000Required: Ignoring income tax considerations, prepare the journal entry for Fog Gearto report this accounting change.Edit View Insert Format Tools Table

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Fog Gear Incorporated changed from LIFO to the FIFO inventory costin January 1, 2024. Inventory values at the end of each year since the inception of the comp follows: 2022 2023 FIFO $ 192,000 384,000 LIFO $ 176,000 352,000 Required: Ignoring income tax considerations, prepare the journal entry to report this accounting change.

Fog Gear Incorporated changed from LIFO to the FIFO inventory costin January 1, 2024. Inventory values at the end of each year since the inception of the comp follows: 2022 2023 FIFO $ 192,000 384,000 LIFO $ 176,000 352,000 Required: Ignoring income tax considerations, prepare the journal entry to report this accounting change.

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter11: Work Sheet And Adjusting Entries

Section: Chapter Questions

Problem 3E: Basga Company uses the periodic inventory system. Beginning inventory amounted to 241,072. A...

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