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Home Q & A Board Other Fields Homework Help Business Accounting
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Miche Miche
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5 years ago
Johnston Controls began operation in 2014 using FIFO inventory methods.  In 2015, management decided they should have chosen LIFO to more accurately portray financial position and performance. The beginning 2015 inventory using FIFO was $200,000.  Under the LIFO method the beginning inventory would have been $240,000. The adjustment to inventory for the accounting principle change for 2014 would be ________.
A) $0
B) $20,000 debit
C) $40,000 credit
D) $40,000 debit
Textbook 
Intermediate Accounting

Intermediate Accounting


Edition: 1st
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billybob888billybob888
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5 years ago
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Miche Author
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#2
5 years ago
Enough said, this helped my grade so much
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#3
5 years ago
Perfect
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