Johnston Controls Began Operation in 2014 Using FIFO Inventory Methods

Johnston Controls began operation in 2014 using FIFO inventory methods.In 2015,management decided they should have chose LIFO.The beginning 2015 inventory using FIFO was $100,000.Under the LIFO method the beginning inventory would have been $120,000.
Required: Prepare the journal entry to record the change in accounting principle and discuss the required disclosures.

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There is no journal entry for a change t...

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