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Question - Whitman Company began operations on January 01 2008 and uses the average cost method of pricing inventory management is contemplating a change in inventory methods for 2011. The following information is available for the years 2008-2010
2008 average cost method $16000 FIFO Method 19000 LIFO method 12000
2009 Average cost 18000 FIFO 21000 LIFO 14000
2010 average cost 20000 FIFO 25000 LIFO 17000
(Ignore all tax effects)
A. Prepare journal entries to record a change from the average cost method to FIFO method in 2011.
B. Determine net income to be reported for 2008, 2009 and 2010 after giving effect to the change in accounting principle.
C. Assume Whitman Company used the LIFO method instead of the average cost method during the years 2008-2010. In 2011 Whitman changed to the FIFO method. Prepare the journal entry necessary to record the change in principle.
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