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FIFO Versus LIFO

One of the main topics of your readings this week was the difference between FIFO and LIFO. These are both appropriate for different situations, but changing over from one to the other can cause some trouble for many companies. This week, you will imagine that you are in charge of this changeover.

The John Company has approached you and is considering changing from FIFO to LIFO for its inventory valuation. Refer to the FASB Codification, and prepare a 2- to 3-page Word document discussing the following:

How is a change in an inventory method reported in the financial statements?
Under GAAP, is the company required to provide rationale for this change in accounting principle? Explain your answer.
The company is also considering adopting dollar value LIFO rather than traditional LIFO. Evaluate the benefits of adopting dollar value LIFO.
Regardless of the inventory cost flow assumption chosen, the John Company must decide what items to include in its inventory. Discuss whether the following items should be included in the ending inventory of the John Company:

Goods in transit from a supplier, shipped FOB shipping point
Goods in transit to a customer, shipped FOB shipping point
Goods in transit from a supplier, shipped FOB destination
Goods in transit from a customer, shipped FOB destination
Goods held on consignment
Goods out on consignment
Goods out at a supplier for heat treating and painting

Sample Solution

Wear Quixote on the Road to Barcelona Headed straight toward Barcelona, ??Don Quixote investigates where Sancho and Gijon truly face each other to keep Ji Jude from assaulting him in the book of Don Quixote. Sancho vowed to whip himself more than multiple times as a method of disposing of the spell that abandons young ladies to Gillian's affection, by uprightness of the Duke's recommendation in the last part. To rancher 's young lady. Regardless of whether conscious or accidental, in this entry the subject of general individuals' cases to instability and privileged control is clear. The long and limitless "history" of the experience of the Order of the Don Quixote is over when the fight with the White Knight Order (once in the past known as the knight of the Order, the youngster from the home of Don Quixote) reached a conclusion It is. In Barcelona, ??the peruser acknowledged he had won. As indicated by the principles of Cavaliers, Don Quixote proposed a pre-assigned condition that a conquistador must comply with the desire of a victor: Here, Don Quixote holds his arms unaltered and stops the knight's activity for one year I will. (He can mend his franticness). Before flight, he and Sancho were again misled by the Duke and the Duchess. Subsequent to getting away from the musketeers, Don Quixote and Sancho set out toward a close by lodging. Sancho didn't trust it, yet Don Quixote again envisioned the inn as a stronghold. Wear Quixote was given a bed in the previous straw lodge, Sancho rested on a carpet close to the bed; they imparted the space to the donkey. At the point when the night comes, Don Quixote envisions Helen Hotel's worker as a wonderful princess, sitting in bed and startling her. Seeing what occurred, the scorpion assaulted Don Quixote and broke the delicate bed, and Don Quixote and Sancho endured again genuine and confused fight. All the clarification of Don Quixote is that they battle an alluring Moore. He additionally accepts he can mend their injuries with a blend he calls "fire mortar". Wear Quixote and Sancho chose to leave the lodging, however Ji Yude impersonating an anecdotal knight left and paid no cash.
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