A retailing firm changed from LIFO to FIFO in 2014. Inventory valuations for the two methods appear below:
Purchases in 2013 and 2014 were $60,000 in each year.
-Using the information above,in the comparative 2013 and 2014 income statements,what amounts would be shown for cost of goods sold?

Question

A retailing firm changed from LIFO to FIFO in 2014. Inventory valuations for the two methods appear below:
  Purchases in 2013 and 2014 were $60,000 in each year.
-Using the information above,in the comparative 2013 and 2014 income statements,what amounts would be shown for cost of goods sold?

Quizplus · Accepted Answer

The Answer of A retailing firm changed from LIFO to FIFO in 2014. Inventory valuations for the two methods appear below:
  Purchases in 2013 and 2014 were $60,000 in each year.
-Using the information above,in the comparative 2013 and 2014 income statements,what amounts would be shown for cost of goods sold?

A Retailing Firm Changed from LIFO to FIFO in 2014