Macintosh Incorporated changed from LIFO to the FIFO invento…
Macintosh Incorporated changed from LIFO to the FIFO inventory costing method on January 1, 2027. Inventory values at the end of each year since the inception of the company are as follows: FIFO LIFO 2025 $ 200,000 $ 180,000 2026 400,000 360,000 Required: Ignoring income tax considerations, prepare the entry to report this accounting change.