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pucerat523Lv1
28 Sep 2019
how do I convert this LIFO to FIFO and what entries would needto be made? The following comes from a balance sheet:
Raw Mat Inventory- 20,000
WIP Inventory- 6000
Finished good inventory-10,000
LIFO reserve- (10000)
Parts Inventory-5000
Supplies Inventory-1000
LIFO has only been used for parts and raw materials.
(please explain the steps, as I would really like to learn howto do this for my future tests and problems)
how do I convert this LIFO to FIFO and what entries would needto be made? The following comes from a balance sheet:
Raw Mat Inventory- 20,000
WIP Inventory- 6000
Finished good inventory-10,000
LIFO reserve- (10000)
Parts Inventory-5000
Supplies Inventory-1000
LIFO has only been used for parts and raw materials.
(please explain the steps, as I would really like to learn howto do this for my future tests and problems)
Keith LeannonLv2
28 Sep 2019