tsFog Gear Incorporated changed from LIFO to the FIFO inventory costing method onJanuary 1, 2024.Inventory values at the end of each year since the inception of the company are asfollows:20222023FIFO$ 192,000384,000LIFO$ 176,000352,000Required: Ignoring income tax considerations, prepare the journal entry for Fog Gearto report this accounting change.Edit View Insert Format Tools Table

Introduction:- Journal entry is the first stage of accounting process. Journal entry used to record…

Fog Gear Incorporated changed from LIFO to the FIFO inventory costin January 1, 2024. Inventory values at the end of each year since the inception of the comp follows: 2022 2023 FIFO $ 192,000 384,000 LIFO $ 176,000 352,000 Required: Ignoring income tax considerations, prepare the journal entry to report this accounting change.

Fog Gear Incorporated changed from LIFO to the FIFO inventory costin January 1, 2024. Inventory values at the end of each year since the inception of the comp follows: 2022 2023 FIFO $ 192,000 384,000 LIFO $ 176,000 352,000 Required: Ignoring income tax considerations, prepare the journal entry to report this accounting change.

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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