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Prepare the entry to report this accounting change

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Question - Macintosh Inc. changed from LIFO to the FIFO inventory costing method on January 1, 2016. Inventory values at the end of each year since the inception of the company are as follows:

 

FIFO

LIFO

2014

$196,000

$178,000

2015

392,000

356,000

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

Reference no: EM132119063

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