Gallant Inc. recently changed to FIFO from the average cost method. It reported $127,000 of FIFO ending inventory and would have reported $123,000 of ending inventory under the average cost method. What is the journal entry to account for this inventory-method change? Debit Cost of goods sold for $4,000; Credit Inventory for $4,000. Debit Inventory for $127,000; Credit Cost of goods sold for $127,00 Debit Inventory for $4,000; Credit Cost of goods sold for $4,000. Debit Inventory for $4,000; Credit Retained earnings for $4,000
Gallant Inc. recently changed to FIFO from the average cost method. It reported $127,000 of FIFO ending inventory and would have reported $123,000 of ending inventory under the average cost method. What is the journal entry to account for this inventory-method change? Debit Cost of goods sold for $4,000; Credit Inventory for $4,000. Debit Inventory for $127,000; Credit Cost of goods sold for $127,00 Debit Inventory for $4,000; Credit Cost of goods sold for $4,000. Debit Inventory for $4,000; Credit Retained earnings for $4,000
Chapter10: Inventory
Section: Chapter Questions
Problem 13PA: Company Elmira reported the following cost of goods sold but later realized that an error had been...
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Gallant Inc. recently changed to FIFO from the average cost method. It reported $127,000 of FIFO ending inventory and would have reported $123,000 of ending inventory under the average cost method. What is the
Debit Cost of goods sold for $4,000; Credit Inventory for $4,000.
Debit Inventory for $127,000; Credit Cost of goods sold for $127,00
Debit Inventory for $4,000; Credit Cost of goods sold for $4,000.
Debit Inventory for $4,000; Credit Retained earnings for $4,000
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