Make the adjusting journal entry that would be recorded

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Question - In 20x6, after the financial statements for 20x5 were published, a Hilton & Sons Co. decided to switch from the FIFO method to Weighted Average in order to provide more relevant financial statement presentation. Inventory balances under both methods are as follows:

 

FIFO

Weighted Average

December 31, 20x4

$857,000

$797,000

December 31, 20x5

1,114,000

1,014,000

The tax rates for 20x4 and 20x5 were 35% and 34%, respectively.

Required - Make the adjusting journal entry that would be recorded in 20x6, to adjust the accounts at the beginning of 20x6.

Reference no: EM132606521

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