USE THE FOLLOWING FACT SET TO ANSWER QUESTIONS 22 –24: Apoll…
USE THE FOLLOWING FACT SET TO ANSWER QUESTIONS 22 –24: Apollo Corp. began operations on January 1, 2023, using the FIFO method of pricing inventory. At the beginning of 2026, Apollo is contemplating a change in inventory methods. The following information is available for the years 2023-2025: QUESTION 22 –> The adjusting journal entry needed to record a change from the FIFO method to the average-cost method at the beginning of 2026, ignoring tax considerations, would include: