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Journalize all necessary adjusting entries

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Question 1: In 2020 FY Co. decided to change to the FIFO method for inventory . The Cost of Goods Sold in 1919 was $300,000 under LIFO. Under FIFO it would have been $250,000 . In 2020 under FIFO Cost of Goods Sold would have been $360,000 whereas under LIFO It would have been $410,000. Journalize all necessary adjusting entries for 2020.

Reference no: EM132508813

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