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Problem: Joey Co. decided to switch from LIFO method of costing inventories to the FIFO method at the beginning of 2015 [1/1/2015]. The inventory as reported at the end of 2014 using LIFO would have been $60,000 higher using FIFO. Retained earnings had been reported at 12/31/2014 as $780,000 [reflecting the LIFO method]. The Tax rate is 40%.
1). Calculate the balance in retained earnings at the time of the change [beginning of 2015] as it would have been reported if FIFO had been used in prior years.
2). Prepare the journal entry at the beginning of 2015 to record this change in accounting principle.
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