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Question :
Port Arthur Company decided to change from LIFO to Average Cost inventory costing, effective January 1, 2014. The following data were available:
Year
Net Income using LIFO
Excess LIFO COGS over Average Cost Pretax
Net Income using Average Cost
2013
$42,000
8,000
56,000
10,000
2014
81,200
Required:
a. Prepare the journal entry to reflect the change from the LIFO to the Average Cost flow assumption on January 1, 2014.
b. Prepare the statement of retained earnings, as it would appear in the comparative 2013-2014 financial statements, reflecting the change in accounting principle.
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