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caitlynhartzog caitlynhartzog
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5 years ago
A retailing firm changed from LIFO to FIFO in 20x5. Inventory valuations for the two methods
appear below:
1/1/x4 1/1/x5 12/31/x5
FIFO $10,000 $20,000 $25,000
LIFO 7,000 16,000 18,000
Purchases in 20x4 and 20x5 were $60,000 in each year. In the comparative 20x4 and 20x5
income statements, what amounts would be shown for cost of goods sold?
20x4 20x5
1 $50,000 $58,000
2 $51,000 $55,000
3 $50,000 $55,000
4 $51,000 $58,000
A) Choice 1
B) Choice 2
C) Choice 3
D) Choice 4
Textbook 
Intermediate Accounting, Volume 2

Intermediate Accounting, Volume 2


Edition: 5th
Authors:
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rvaheyrvahey
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5 years ago
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wrote...
#2
5 years ago
Makes more sense now, have a good weekend!
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