Required information [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 different inventory costing methods ($ in thousands). Pre-2023 2023 FIFO $ 2,800 750 $ 3,550 Average Cost $ 2,540 600 $ 3,140 LIFO $ 2,280 540 $ 2,820 3. Assume that Roberti used FIFO before 2024, and then in 2024 decided to switch to LIFO cost. Roberti's records of inventory purchases and sales are not available for several previous years. Therefore, the pre-2023 LIFO information ($2,280) is not available. However, Roberti does have the information needed to apply LIFO on a prospective basis beginning in 2023. Prepare the journal entry to record 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 answers in thousands (i.e., 10,000 should be entered as 10).

Required information [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 different inventory costing methods ($ in thousands). Pre-2023 2023 FIFO $ 2,800 750 $ 3,550 Average Cost $ 2,540 600 $ 3,140 LIFO $ 2,280 540 $ 2,820 3. Assume that Roberti used FIFO before 2024, and then in 2024 decided to switch to LIFO cost. Roberti's records of inventory purchases and sales are not available for several previous years. Therefore, the pre-2023 LIFO information ($2,280) is not available. However, Roberti does have the information needed to apply LIFO on a prospective basis beginning in 2023. Prepare the journal entry to record 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 answers in thousands (i.e., 10,000 should be entered as 10).

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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