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A Retailing Firm Changed from LIFO to FIFO in 2014

Question 44

Multiple Choice

A retailing firm changed from LIFO to FIFO in 2014.Inventory valuations for the two methods appear below:
A retailing firm changed from LIFO to FIFO in 2014.Inventory valuations for the two methods appear below: Purchases in 2013 and 2014 were $60,000 in each year. -Using the information above,choose the following: A) $4,000 RE $55,000 B) $7,000 RE $58,000 C) $4,000 Earnings $55,000 D) $7,000 Earnings $58,000 Purchases in 2013 and 2014 were $60,000 in each year.
-Using the information above,choose the following: A retailing firm changed from LIFO to FIFO in 2014.Inventory valuations for the two methods appear below: Purchases in 2013 and 2014 were $60,000 in each year. -Using the information above,choose the following: A) $4,000 RE $55,000 B) $7,000 RE $58,000 C) $4,000 Earnings $55,000 D) $7,000 Earnings $58,000


A) $4,000 RE $55,000
B) $7,000 RE $58,000
C) $4,000 Earnings $55,000
D) $7,000 Earnings $58,000

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