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tangare [24]
3 years ago
11

Lego Company has used the FIFO method since it began operations in 2023. Lego changed to the weighted average method in 2026. Th

e change was justified. In its 2026 financial statements, Lego included comparative statements for 2025 and 2024. The following are the year-end inventory balances under the FIFO and weighted average methods.
Year FIFO Weighted Average
2023 $108,000 $90,000
2024 $134,000 $122,000
2025 $166,000 $140,000
What adjustment should be made to Cost of Goods Sold retrospectively for the year ended December 31, 2025?
a. $22,000 decrease
b. $8,000 decrease
c. $14,000 increase
d. $18,000 increase
e. $24,000 increase
Business
1 answer:
Viktor [21]3 years ago
5 0

Answer:

c. $14,000 increase

hope it helps

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