Last year, Anns Trophies, Inc. changed their inventory method from utilizing FIFO to LIFO. Anns...
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Accounting
Last year, Anns Trophies, Inc. changed their inventory method from utilizing FIFO to LIFO. Anns inventory at the end of 2017 was reported on the balance sheet as $200 million. If the LIFO method had been used, 2017 ending inventory would have been estimated at $250 million. Ignoring income taxes, the adjustment to 2018s beginning retained earnings would be:
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