Goodee Bakery Is Considering a Change in Its Inventory Valuation

question 22

Multiple Choice

Goodee Bakery is considering a change in its inventory valuation method. Goodee Bakery currently uses the FIFO method and is considering a change to the LIFO method. Goodee Bakery started the year on January 1 with inventory at a FIFO cost of $23,500 and a LIFO cost of $21,000. The ending inventory on December 31 is $25,600 at FIFO cost and $21,300 at LIFO cost. The LIFO effect is ________.

• A) $4,300
• B) $2,500
• C) $6,800
• D) $1,800

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