Solution-Adonis industries changed its method of valuing

Adonis industries changed its method of valuing inventory

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Reference no: EM13879279

1.In 2013, Adonis Industries changed its method of valuing inventory from the average cost method to the FIFO method. At December 31, 2012, Adonis's inventories were $47.6 million (average cost). Adonis's records indicated that the inventories would have totaled $64 million at December 31, 2012, if determined on a FIFO basis. Ignoring income taxes, what journal entry will Adonis use to record the adjustment in 2013?

Reference no: EM13879279

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Adonis industries changed its method of valuing inventory

Reference no: EM13879279

Reference no: EM13879279

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