Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. how do i switch from lifo to fifo method on the ba

How do I switch from LIFO to FIFO method on the balance sheet if the...

60.1K

Verified Solution

Question

Accounting

How do I switch from LIFO to FIFO method on the balance sheet if the income for the last three years would have been $45,000 higher using the FIFO method. Use FIFO when calculating the revised stockholder's equity figure. Current inventory under LIFO method is $125,000 and current R/E are $401,181. All changes in company's income will be reflected by the changes in R/E

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

The success in the animated cartoons affects which businesses Disney goes into. What gives Disney an...

General Management
Q

On day 5 after fertilization this cluster of 100 cells formed by cleavage divisions is...

Biology
Q

Water moved across a membrane into the thistle tube Multiple Choice O O O up...

Biology
Q

Two tanks A and B contain water at 30 C and 80 C respectively Calculate...

Physics
Q

QUESTION 6 1 POINT A small startup company wishes to know how many hours per...

Statistics
Q

Disposal of Fixed Asset Equipment acquired on January 8, 20Y1, at a cost of $280,000,...

Accounting
Q

Please do column "A-F" 7. On January 1, Model Inc. began construction of a...

Accounting
Q

QUESTION: PREPARE STATEMENT OF RETAINED EARNINGS 1. ISSUED COMMON STOCK WORTH $ 2,500,000 2. PURCHASED...

Accounting
Q

On July 1, 2020, Bridgeport Company purchased for $ 7,020,000 snow-making equipment having an estimated...

Accounting
Q

The below transactions are for Elliot Bookstore for March: Elliot Bookstore sold 30,000 of books...

Accounting
Q

1. During the past year, your company has discovered three major frauds. The first was...

Accounting
Q

A company produces gold picture frames. The cost per picture frame is: Each worker eams...

Accounting