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-Prepare the journal entry to record a change from the average-cost method to the FIFO...

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Accounting

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-Prepare the journal entry to record a change from the average-cost method to the FIFO method in 2026.

-Determine net income to be reported for 2023, 2024, and 205, after giving effect to the change In accounting principle.

-Assume Oriole Company used the LIFO method instead of the average-cost method during the years 2023-2025. In 2026, Oriole changed to the FIFO method. Prepare the journal entry necessary to record the change in principle.

Oriole Company began operations on January 1,2023 , and uses the average-cost method of pricing inventory. Management is contemplating a change in inventory methods for 2026. The following information is available for the years 2023-2025. (Ignore all tax effects.)

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