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On January 1, 2011, Wiley Corporation Changed Its Inventory Cost

Question 46

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On January 1, 2011, Wiley Corporation changed its inventory cost flow assumption from FIFO to LIFO. The change was made for financial statement and tax reporting. Wiley's inventory values at the end of each year since inception under both methods are summarized below.
On January 1, 2011, Wiley Corporation changed its inventory cost flow assumption from FIFO to LIFO. The change was made for financial statement and tax reporting. Wiley's inventory values at the end of each year since inception under both methods are summarized below. Ignoring income taxes, what is the amount of adjustment required in the 2011 accounts, and where would it be reported in the financial statement?
Ignoring income taxes, what is the amount of adjustment required in the 2011 accounts, and where would it be reported in the financial statement?

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