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Question - Blue Corporation began operations on January 1, 2020. For the first year of its operations, the company's controller (who had taken only one introductory accounting course) used the LIFO method of costing inventories. At the end of the company's second year (i.e., December 31, 2021), the company decided to have its financial statements audited, during which the external auditor informed Blue that LIFO was not an allowable accounting policy choice in Canada. As a result, Blue changed from LIFO to FIFO at the end of 2021. Following is information regarding the inventory balances at the end of 2020 and 2021:
YEAR
FIFO
LIFO
2020
$162,000
$152,000
2021
$275,000
$255,000
Required - Prepare the necessary journal entry to record the correction of the accounting error. Assume that year-end adjusting entries have been made, but the 2021 books have not yet been closed. Assume an income tax rate of 20%.
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