Cabinets for Less uses FIFO for internal reporting purposes and LIFO for financial and income tax purposes. At the end of 2014, the following information was obtained from the inventory records: Required:
Prepare the necessary entry to convert to LIFO at the end of 2013.

Question

Cabinets for Less uses FIFO for internal reporting purposes and LIFO for financial and income tax purposes. At the end of 2014, the following information was obtained from the inventory records:  Required:
Prepare the necessary entry to convert to LIFO at the end of 2013.

Quizplus · Accepted Answer

The Answer of Cabinets for Less uses FIFO for internal reporting purposes and LIFO for financial and income tax purposes. At the end of 2014, the following information was obtained from the inventory records:  Required:
Prepare the necessary entry to convert to LIFO at the end of 2013.

Cabinets for Less Uses FIFO for Internal Reporting Purposes and LIFO