Goldmeyer Company has used the FIFO method of inventory valuation since it began operations in...
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Goldmeyer Company has used the FIFO method of inventory valuation since it began operations in Goldmeyer decided to change to the average cost method for determining inventory costs at the beginning of The following schedule shows yearend inventory balances under the FIFO and average cost methods: Required: Ignoring income taxes, prepare the journal entry to adjust the accounts to reflect the average cost method. How much higher or lower would cost of goods sold be in the revised income statement? Complete this question by entering your answers in the tabs below. Ignoring income taxes, prepare the journal entry to adjust the accounts to reflect the average cost method. Note: If no entry is required for a transactionevent select No journal entry required" in the first account field. 
Goldmeyer Company has used the FIFO method of inventory valuation since it began operations in Goldmeyer decided to
change to the average cost method for determining inventory costs at the beginning of The following schedule shows yearend
inventory balances under the FIFO and average cost methods:
Required:
Ignoring income taxes, prepare the journal entry to adjust the accounts to reflect the average cost method.
How much higher or lower would cost of goods sold be in the revised income statement?
Complete this question by entering your answers in the tabs below.
Ignoring income taxes, prepare the journal entry to adjust the accounts to reflect the average cost method.
Note: If no entry is required for a transactionevent select No journal entry required" in the first account field.
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