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Vaughn Company uses...

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Question

Accounting

Vaughn Company uses the LIFO method for financial reporting purposes but FIFO for internal reporting purposes. At January 1, 2017, the LIFO reserve has a credit balance of $1,103,100. At December 31, 2017, Vaughns internal reports indicated that the FIFO inventory balance was $2,661,200 and for external reporting purposes the LIFO inventory balance was $1,461,800.
What is the amount of the LIFO reserve and the LIFO effect related to 2017?
LIFO reserve at December 31, 2017 $

LIFO effect for 2017 $

SHOW LIST OF ACCOUNTS

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What is the journal entry needed to record the LIFO effect at December 31, 2017? (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date

Account Titles and Explanation

Debit

Credit

Dec. 31, 2017

Answer & Explanation Solved by verified expert
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