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Last year, Lilys Trophies, Inc. changed their inventory method from utilizing FIFO to LIFO. Lilys...

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Accounting

Last year, Lilys Trophies, Inc. changed their inventory method from utilizing FIFO to LIFO. Lilys inventory at the end of 2017 was reported on the balance sheet as $200 million. If the LIFO method had been used, 2017 ending inventory would have been estimated at $250 million. Ignoring income taxes, the adjustment to 2018s beginning retained earnings would be:

$50 million increase

$250 million increase

$0

$50 million decrease

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