w are net income amounts as they would be determined by Roberti Steel Company by each of three different inventory costing methods ($ in thousands).   FIFO Average Cost LIFO Pre-2023 $ 2,800 $ 2,540 $ 2,280 2023 750 600 540   $ 3,550 $ 3,140 $ 2,820   Assume that Roberti used FIFO before 2024, and then in 2024 decided to switch to LIFO. Assume accounting records are inadequate to determine LIFO information prior to 2024. Therefore, the 2023 ($540) and pre-2023 ($2,280) data are not available.

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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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).

  FIFO Average Cost LIFO
Pre-2023 $ 2,800 $ 2,540 $ 2,280
2023 750 600 540
  $ 3,550 $ 3,140 $ 2,820

 

Assume that Roberti used FIFO before 2024, and then in 2024 decided to switch to LIFO. Assume accounting records are inadequate to determine LIFO information prior to 2024. Therefore, the 2023 ($540) and pre-2023 ($2,280) data are not available. 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).

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