Silver Inc. changed from FIFO to average cost on January 1 of Year 3. Inventory balances on December 31 under both methods follow for the prior two year-ends. Silver Inc. has a December 31 year-end.

Inventory Balances Year 2 Year 1
Ending inventory, average cost $25,000 $15,000
Ending inventory, FIFO 15,000 12,000

a. Prepare the entry on January 1 of Year 3 to record the accounting change. Ignore taxes.
● Note: If a journal entry isn't required on any of the dates shown, select "N/A—debit" and "N/A—credit" as the account names and leave the Dr. and Cr. answers blank (zero).

Question

31-10-2022
Business

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Silver Inc. changed from FIFO to average cost on January 1 of Year 3. Inventory balances on December 31 under both methods follow for the prior two year-ends. Silver Inc. has a December 31 year-end.

Inventory Balances Year 2 Year 1
Ending inventory, average cost $25,000 $15,000
Ending inventory, FIFO 15,000 12,000

a. Prepare the entry on January 1 of Year 3 to record the accounting change. Ignore taxes.
● Note: If a journal entry isn't required on any of the dates shown, select "N/A—debit" and "N/A—credit" as the account names and leave the Dr. and Cr. answers blank (zero).

Sagot :

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