Solved: In 2018 hopyard lumber changed its inventory method from, Accounting Basics

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In 2018 hopyard lumber changed its inventory method from

Problem - In 2018, Hopyard Lumber changed its inventory method from LIFO to FIFO. Inventory at the end of 2017 of $130,000 would have been $142,000 if FIFO had been used. Inventory at the end of 2018 is $160,000 using the new FIFO method but would have been $150,000 if the company had continued to use LIFO.

What is the effect of the change on 2018 cost of goods sold?

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Accounting Basics: In 2018 hopyard lumber changed its inventory method from

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