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What adjustment would Connors make for this change

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Question - Connors Academy reported inventory in the 2020 year-end balance sheet, using the FIFO method, as $154,000. In 2021, the company decided to change its inventory method to LIFO. If the company had used the LIFO method in 2020, the company estimates that ending inventory would have been in the range $130,000-$135,000. What adjustment would Connors make for this change in inventory method?

Reference no: EM132737462

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