32 FIFO Average-Cost LIFO 33 31 34 2023 $28,000 $25,100 $21,600 35 36 2024 32,800 27,500 23,900 37 2025 28,300 38 26,200 22,900 39 2026 31,500 27,700 23,100 40 41 42 43 (Ignore tax considerations.) 44 ow 45 46 5 47 (a1) 48 ye 49 50 51 e Iha Your answer is partially correct. 52 53 54 55 Assume that in 2026 Pharoah decided to change from the FIFO method to the average-cost method of pricing inventories. Prepare the journal entry necessary for the change that took place during 2026. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List debit entry before credit entry.) 56 57 Account Titles and Explanation Retained Earnings Inventory Debit Credit 58 59 60 61 62 63 64 65 66 67 68 SUPPORT 69
32 FIFO Average-Cost LIFO 33 31 34 2023 $28,000 $25,100 $21,600 35 36 2024 32,800 27,500 23,900 37 2025 28,300 38 26,200 22,900 39 2026 31,500 27,700 23,100 40 41 42 43 (Ignore tax considerations.) 44 ow 45 46 5 47 (a1) 48 ye 49 50 51 e Iha Your answer is partially correct. 52 53 54 55 Assume that in 2026 Pharoah decided to change from the FIFO method to the average-cost method of pricing inventories. Prepare the journal entry necessary for the change that took place during 2026. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List debit entry before credit entry.) 56 57 Account Titles and Explanation Retained Earnings Inventory Debit Credit 58 59 60 61 62 63 64 65 66 67 68 SUPPORT 69
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:32
FIFO
Average-Cost
LIFO
33 31
34
2023 $28,000
$25,100
$21,600
35
36
2024
32,800
27,500
23,900
37
2025
28,300
38
26,200
22,900
39
2026
31,500
27,700
23,100
40
41
42
43
(Ignore tax considerations.)
44
ow
45
46
5
47
(a1)
48 ye
49
50
51 e
Iha
Your answer is partially correct.
52
53
54
55
Assume that in 2026 Pharoah decided to change from the FIFO method to the average-cost method of pricing inventories.
Prepare the journal entry necessary for the change that took place during 2026. (Credit account titles are
automatically indented when the amount is entered. Do not indent manually. If no entry is required, select
"No Entry" for the account titles and enter 0 for the amounts. List debit entry before credit entry.)
56
57
Account Titles and Explanation
Retained Earnings
Inventory
Debit
Credit
58
59
60
61
62
63
64
65
66
67
68
SUPPORT
69
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