Solution-Prepare the entry to report this accounting change

Question - Company changed from LIFO to the FIFO inventory costing method on January 1, 2015.

Inventory values at the end of each year since the inception of the company are as follows:

Required: Ignoring income tax considerations, prepare the entry to report this accounting change.

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Explain how bank would use swap to achieve this objective : The rate it could obtain on a plain vanilla swap is 7.25 percent. Explain how the bank would use a swap to achieve this objective.

Prepare the entry to report this accounting change : Company changed from LIFO to the FIFO inventory costing method on January 1, 2015. Prepare the entry to report this accounting change

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