lease don't provide answer in image format thank you Shown below are net income amounts as they would be determined by Roberti Steel Company by each of three different inventory costing methods ($ in thousands). FIFO Average Cost LIFO Pre-2023 $ 2,620 $ 2,360 $ 2,100 2023 660 690 495 $ 3,280 $ 3,050 $ 2,595 2. Assume that Roberti Steel Company used FIFO before 2024, and then in 2024 decided to switch to LIFO. Assume accounting records are inadequate to determine LIFO information prior to 2024. Therefore, the 2023 ($495) and pre-2023 ($2,100) data are not available. Prepare the journal entry to record the change in accounting principle. (Ignore income tax effects.)
Please don't provide answer in image format thank you
Shown below are net income amounts as they would be determined by Roberti Steel Company by each of three different inventory costing methods ($ in thousands).
FIFO Average Cost LIFO
Pre-2023 $ 2,620 $ 2,360 $ 2,100
2023 660 690 495
$ 3,280 $ 3,050 $ 2,595
2. Assume that Roberti Steel Company used FIFO before 2024, and then in 2024 decided to switch to LIFO. Assume accounting records are inadequate to determine LIFO information prior to 2024. Therefore, the 2023 ($495) and pre-2023 ($2,100) data are not available. Prepare the
Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in thousands (i.e., 10,000 should be entered as 10).
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