Marigold Company uses the LIFO periodic method for financial reporting purposes but FIFO for internal reporting purposes. At January 1, 2025, the LIFO reserve has a credit balance of $1,040,000. At December 31, 2025, Marigold's internal reports indicated that the FIFO inventory balance was $2,625,900 and for external reporting purposes the LIFO inventory balance was $1,487,200. (a1) Your answer is correct. What is the amount of the LIFO reserve and the LIFO effect related to 2025? LIFO reserve at December 31, 2025 $ LIFO effect for 2025 $ 1138700 98700

Marigold Company uses the LIFO periodic method for financial reporting purposes but FIFO for internal reporting purposes. At January 1, 2025, the LIFO reserve has a credit balance of $1,040,000. At December 31, 2025, Marigold's internal reports indicated that the FIFO inventory balance was $2,625,900 and for external reporting purposes the LIFO inventory balance was $1,487,200. (a1) Your answer is correct. What is the amount of the LIFO reserve and the LIFO effect related to 2025? LIFO reserve at December 31, 2025 $ LIFO effect for 2025 $ 1138700 98700

Name: I also need the journal entry for december 31 2025 What is the journal
Uploaded: 2024-03-20T06:32:37.000Z
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Description: I also need the journal entry for december 31 2025 What is the journal entry needed to record the LIFO effect at December 31, 2025? (If no entry is required, select "No entry" for theaccount titles and enter O for the amounts. Credit account titles a

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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