Rockets Inc. changed from LIFO to the FIFO inventory costing method on January 1, 2021. Inventory values at the end of each year since the inception of the company are as follows: FIFO 2019 $210. 000 $185,000 420, 000 LIFO 2020 370, 000 Required: Ignoring income tax considerations, prepare the entry to report this accounting change. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction listView journal entry worksheet No Date General Journal Debit Credit January 01. 2021 Inventory 50,000 Retained earnings 50,000
Rockets Inc. changed from LIFO to the FIFO inventory costing method on January 1, 2021. Inventory values at the end of each year since the inception of the company are as follows: FIFO 2019 $210. 000 $185,000 420, 000 LIFO 2020 370, 000 Required: Ignoring income tax considerations, prepare the entry to report this accounting change. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction listView journal entry worksheet No Date General Journal Debit Credit January 01. 2021 Inventory 50,000 Retained earnings 50,000
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter22: Accounting For Changes And Errors.
Section: Chapter Questions
Problem 11RE: At the end of 2019, Manny Company recorded its ending inventory at 350,000 based on a physical...
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