Johnston Controls Began Operation in 2014 Using FIFO Inventory Methods

question 193

Essay

Johnston Controls began operation in 2014 using FIFO inventory methods.In 2015,management decided they should have chose LIFO.The beginning 2015 inventory using FIFO was $100,000.Under the LIFO method the beginning inventory would have been $120,000.
Required: Prepare the journal entry to record the change in accounting principle and discuss the required disclosures.

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Definitions:

Liberal Feminism

A perspective within feminism that emphasizes individual rights and equal opportunity as the basis for gender equality.

Intersectionality Theory

A model that explains the way various elements of an individual's social and political identities intersect, leading to diverse forms of discrimination and privilege.

Socialist Feminism

An ideological movement that calls for an end to capitalism and patriarchy, advocating for a society where women's liberation is achieved through economic and social equality.

Psychoanalytic Feminism

A branch of feminist theory applying psychoanalytic principles to explore the foundations of gender inequality and the psyche.