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Liftoff Co. changed its method of accounting for inventory from LIFO to FIFO in 20x3. Ignore

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Liftoff Co. changed its method of accounting for inventory from LIFO to FIFO in 20x3. Ignore

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

Edition: 5^th

Authors: Beechy, Conrod, Farrell

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Brilliant ツ

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