Solution-Describe the steps hopyard should take to report

Describe the steps hopyard should take to report

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1.In 2013, Hopyard Lumber changed its inventory method from LIFO to FIFO. Inventory at the end of 2012 of $127,000 would have been $145,000 if FIFO had been used. Inventory at the end of 2013 is $162,000 using the new FIFO method but would have been $151,000 if the company had continued to use LIFO. Describe the steps Hopyard should take to report this change. What is the effect of the change on 2013 cost of goods sold?

Reference no: EM13882640

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Describe the steps hopyard should take to report : 1.In 2013, Hopyard Lumber changed its inventory method from LIFO to FIFO.

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Describe the steps hopyard should take to report

Reference no: EM13882640

Reference no: EM13882640

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