Johnston Controls Began Operation in 2014 Using FIFO Inventory Methods

question 260

Multiple Choice

Johnston Controls began operation in 2014 using FIFO inventory methods.In 2015,management decided they should have chosen LIFO to more accurately portray financial position and performance.The beginning 2015 inventory using FIFO was $100,000.Under the LIFO method the beginning inventory would have been $120,000.The adjustment to inventory for the accounting principal change for 2014 would be ________.

• A)$0
• B)$10,000 debit
• C)$20,000 credit
• D)$20,000 debit

---

Definitions:

Family Engagement

signifies the participation and involvement of families in the educational and developmental processes of their children, aiming to foster a cooperative and supportive relationship between home and school.

Parent Involvement

Refers to the participation of parents in their children's education and school activities to support academic success and well-being.

Genuine Family Partnerships

Authentic and respectful collaborations between families and schools or organizations, aiming to support children's learning and development by recognizing and utilizing the strengths and resources of both parties.

Discretionary Time

Free time available to an individual after fulfilling work, personal, and family obligations.