Below is the net income of Kingbird Instrument Co., a private corporation, computed under the three inventory methods using a periodic system. 2023 $27,400 2024 2025 2026 FIFO (a1) 28,300 31,100 33,500 Average-Cost (Ignore tax considerations.) $24,200 $21,400 23,500 29,100 29,200 LIFO Account Titles and Explanation 19,800 25,700 25,000 Assume that in 2026 Kingbird 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.) Debit Credit

Below is the net income of Kingbird Instrument Co., a private corporation, computed under the three inventory methods using a periodic system. 2023 $27,400 2024 2025 2026 FIFO (a1) 28,300 31,100 33,500 Average-Cost (Ignore tax considerations.) $24,200 $21,400 23,500 29,100 29,200 LIFO Account Titles and Explanation 19,800 25,700 25,000 Assume that in 2026 Kingbird 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.) Debit Credit

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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