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Home Q & A Board Other Fields Homework Help Business Accounting
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linlinlin linlinlin
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6 years ago
Liftoff Co. changed its method of accounting for inventory from LIFO to FIFO in 20x3. Ignore
tax effects. Relevant information follows:
20x2 20x3
FIFO LIFO FIFO LIFO
Beginning inventory $470 $450 $600 $500
Ending inventory 600 500 800 680
Beginning RE 860
Reported earnings 1,600
Required:
(a) Record the entry in 20x3 to effect the accounting change.
(b) Provide the comparative retained earnings statement for 20x3 and 20x2.
Textbook 
Intermediate Accounting, Volume 2

Intermediate Accounting, Volume 2


Edition: 5th
Authors:
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jmg89jmg89
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6 years ago
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linlinlin Author
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6 years ago
this is exactly what I needed
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This site is awesome
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Thanks
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