Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 31 Oct 2017 My Price 4.00

Hopyard Lumber

Change in inventory costing methods

In 2016, Hopyard Lumber changed its inventory method from LIFO to FIFO. Inventory at the end of 2015 of $127,000 would have been $145,000 if FIFO had been used. Inventory at the end of 2016 is $162,000 using the new FIFO method but would have been $151,000 if the company had continued to use LIFO. Describe the steps Hopyard should take to report this change. What is the effect of the change on 2016 cost of goods sold?

 

Answers

Maurice Tutor
(5)
Status NEW Posted 31 Oct 2017 10:10 PM My Price 4.00

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