Bojangle Incorporated adopted the dollar-value LIFO method last year. Last year's ending inventory was $53,700. The ending inventory for the current year at year-end (FIFO) cost is $99,000 and on a dollar-value LIFO basis is $93,630. Based on this information, prepare the journal entry required to adjust Bojangle's ending inventory from FIFO to a dollar-value LIFO basis.

Bojangle Incorporated adopted the dollar-value LIFO method last year. Last year's ending inventory was $53,700. The ending inventory for the current year at year-end (FIFO) cost is $99,000 and on a dollar-value LIFO basis is $93,630. Based on this information, prepare the journal entry required to adjust Bojangle's ending inventory from FIFO to a dollar-value LIFO basis.

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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