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Question - Coolangatta Corporation began operations on January 1, 2015, and uses the FIFO method of pricing inventory. The company is considering a change in inventory methods for 2018. The following information is available for 2015-2017.
Net Income Computed Using
Average Cost
FIFO
LIFO
2015
$15,000
$19,000
$11,000
2016
18,000
22,000
14,000
2017
21,000
25,000
20,000
Instructions -
1. Prepare the journal entry necessary to record a change from the FIFO method to the LIFO method in 2018.
2. Determine the net income to be reported for 2015, 2016 and 2017, after the change to the LIFO method in 2018.
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