1 Problem 20-3 (Static) Change in inventory costing methods; comparative income statements [LO20-2,20-3][The following information applies to the questions displayed below.]Shown below are net income amounts as they would be determined by Roberti Steel Company by each of three differentinventory costing methods ($ in thousands).Pre-20232023Problem 20-3 (Static) Part 1View transaction list<FIFO$ 2,800750$ 3,550Required:1. Assume that Roberti used FIFO before 2024, and then in 2024 decided to switch to average cost. Prepare the journal entry torecord the change in accounting principle. (Ignore income tax effects.)Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answersin thousands (i.e., 10,000 should be entered as 10).Journal entry worksheet1Average Cost$ 2,540600$ 3,140Record the change in accounting principle.Note: Enter debits before credits.Event1LIFO$ 2,280540$ 2,820General JournalDebitCredit

Name: 1 Problem 20-3 (Static) Change in inventory costing methods; comparati
Uploaded: 2024-03-20T06:32:37.000Z
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Description: 1 Problem 20-3 (Static) Change in inventory costing methods; comparative income statements [LO20-2,20-3][The following information applies to the questions displayed below.]Shown below are net income amounts as they would be determined by Roberti Ste