Please help.Thank you Please making correction. Bramble Co. decides at the beginning of...
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Accounting
Please help.Thank you
Please making correction.
Bramble Co. decides at the beginning of 2020 to adopt the FIFO method of inventory valuation. Bramble had used the LIFO method for financial reporting since its inception on January 1, 2018, and had maintained records adequate to apply the FIFO method retrospectively. Bramble concluded that FIFO is the preferable inventory method because it reflects the current cost of inventory on the balance sheet. The following table presents the effects of the change in accounting principles on inventory and cost of goods sold. Income taxes are ignored. Retained earnings reported under LIFO are as follows. Other information: 1. For each year presented, sales are $2,900 and operating expenses are $1,040. 2. Bramble provides two years of financial statements. Earnings per share information is not required. Prepare comparative retained earnings statements for 2019 and 2020 under FIFO
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