The question is about coverting LIFO to FIFO. I can understand it when FIFO inventory=LIFO Inventory+LIFO reserve
But the inventories in this quesitons are valued at a combination of “average-cost” and “Fifo” basis so why would you convert to FIFO using the whole inventory 608,572 instead of just the part that was valued by Lifo in the first place? tks
But the inventories in this quesitons are valued at a combination of “average-cost” and “Fifo” basis so why would you convert to FIFO using the whole inventory 608,572 instead of just the part that was valued by Lifo in the first place? tks