How do I switch from LIFO to FIFO method on the balance sheet if the...
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How do I switch from LIFO to FIFO method on the balance sheet if the income for the last three years would have been $45,000 higher using the FIFO method. Use FIFO when calculating the revised stockholder's equity figure. Current inventory under LIFO method is $125,000 and current R/E are $401,181. All changes in company's income will be reflected by the changes in R/E
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