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Goldmeyer Company has used the FIFO method of inventory valuation since it began...

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Accounting

Goldmeyer Company has used the FIFO method of inventory valuation since it began operations in 2021. Goldmeyer decided to change to the average cost method for determining inventory costs at the beginning of 2024. The following schedule shows year-end inventory balances under the FIFO and average cost methods:
\table[[Year,FIFO,Average Cost],[2021,$45,500,$55,000
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