FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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In 2020 Fy Co. decided to change to the FIFO method for inventory . The Cost of Goods
Sold in 1919 was $300,000 under LIFO. Under FIFO it would have been $250,000 .
In 2020 under FIFO Cost of Goods Sold would have been $360,000 whereas under LIFO
It would have been $410,000. Journalize all necessary adjusting entries for 2020.
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