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Title: Sweet Treats is considering a change in its inventory valuation method. Sweet Treats currently uses ... Post by: mkendrick08 on Jul 22, 2018 Sweet Treats is considering a change in its inventory valuation method. Sweet Treats currently uses the FIFO method and is considering a change to the LIFO method. Sweet Treats started the year on January 1 with inventory at a FIFO cost of $34,000 and a LIFO cost of $26,750. The ending inventory on December 31 is $29,920 at FIFO cost and $25,900 at LIFO cost. Cost of goods sold under the LIFO basis is $74,600 for the current year. The LIFO effect is ________.
A) $7250 B) $4020 C) $11,270 D) $3230 Title: Sweet Treats is considering a change in its inventory valuation method. Sweet Treats currently uses ... Post by: mitheorem on Jul 22, 2018 D
Explanation: LIFO Reserve Jan. 1: $34,000 - $26,750 = $7250 LIFO Reserve Dec. 31: $29,920- $25,900 = $4020 LIFO Effect: $7250 - $4020 = $3230 Title: Sweet Treats is considering a change in its inventory valuation method. Sweet Treats currently uses ... Post by: mkendrick08 on Jul 22, 2018 :white_check_mark:
Title: Sweet Treats is considering a change in its inventory valuation method. Sweet Treats currently uses ... Post by: mitheorem on Jul 22, 2018 Don't forget to rate the answer too
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