Lego Company has used the FIFO method since it began operations in 2023. Lego changed to the weighted average method in 2026. The change was justified. In its 2026 financial statements. Lego included comparative statements for 2025 and 2024. The following are the year-end inventory balances under the FIFO and weighted average methods. 4 Year 2023 2024 2025 FIFO $ 90,000 $142,000 $166,000 Weighted Average $108,000 $156,000 $150,000

Lego Company has used the FIFO method since it began operations in 2023. Lego changed to the weighted average method in 2026. The change was justified. In its 2026 financial statements. Lego included comparative statements for 2025 and 2024. The following are the year-end inventory balances under the FIFO and weighted average methods. 4 Year 2023 2024 2025 FIFO $ 90,000 $142,000 $166,000 Weighted Average $108,000 $156,000 $150,000

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Description: Please do not give solution in image format thanku Question textLego Company has used the FIFO method since it began operations in 2023.Lego changed to the weighted average method in 2026. The change wasjustified. In its 2026 financial statements, Le

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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