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Cabinets for Less Uses FIFO for Internal Reporting Purposes and LIFO

Question 49

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Cabinets for Less uses FIFO for internal reporting purposes and LIFO for financial and income tax purposes. At the end of 2014, the following information was obtained from the inventory records: Cabinets for Less uses FIFO for internal reporting purposes and LIFO for financial and income tax purposes. At the end of 2014, the following information was obtained from the inventory records: Required: Prepare the necessary entry to convert to LIFO at the end of 2013. Required:
Prepare the necessary entry to convert to LIFO at the end of 2013.

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