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Question - Lego Company has used the FIFO method since it began operations in 2023. Lego changed to the weighted average method in 2026. The change was justified. In its 2026 financial statements, Lego included comparative statements for 2025 and 2024. The following are the year-end inventory balances under the FIFO and weighted average methods.
Year FIFO Weighted Average
2023 $90,000 $108,000
2024 $150,000 $132,000
2025 $168,000 $145,000
Required - What adjustment should be made to Net Income retrospectively for the year ended December 31, 2025?
a. $23,000 decrease
b. $36,000 increase
c. $41,000 increase
d. $5,000 decrease
e. $42,000 decrease
Write up the transactions in the T-account of Kate Enterprises balance off and extract a trial balance for May 2006 balancing all accounts at the end of period.
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