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Business, 01.12.2021 02:40 kayleebug13

Melas Company changed from the LIFO to the FIFO inventory costing method on January 1, Year 3. Inventory values at the end of each year since the inception of the company are as follows: FIFO LIFO Year 1 $ 195,000 $ 177,500 Year 2 390,000 355,000 Ignoring income tax considerations, prepare the appropriate journal entry, dated January 1, Year 3, to report this accounting change.

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Melas Company changed from the LIFO to the FIFO inventory costing method on January 1, Year 3. Inven...
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