question archive Smith company uses fifo in its internal inventory and adopted dollar value LIFO on December 31 2011 with a base inventory 207000
Smith company uses fifo in its internal inventory and adopted dollar value LIFO on December 31 2011 with a base inventory 207000
Subject:AccountingPrice: Bought3
Smith company uses fifo in its internal inventory and adopted dollar value LIFO on December 31 2011 with a base inventory 207000.
year end cost
cost index
2012 ending inventory
225,750
1.05
2013 ending inventory
226,840
1.06
- What amount would smith report of inventory under DV LIFO on 2012 balance sheet
- As the firm changes from fifo to dollar value, how much is the account effected for 2012
Inventory increase or decrease or no change by how much
COGS same
- Provide journal entry for 12/31/2013 as firm converts from fifo to dollar value
