What are the double entries when you convert fifo

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What are the double entries when you convert FIFO inventory to dollar value LIFO?Alternative Journal Entries for Dollar Value LIFO
What are the double entries when you convert FIFO inventory to dollar value LIFO?(same as converting FIFO to LIFO)
Dollar Value LIFO
In the previous example, for year 2.DRInventory   3,000CRCOGS3,000DRCOGS400CRLIFO Reserve400Dollar Value LIFO Journal Entries
Practice ProblemThe following is the ending inventory value, at current cost, and price index each year since 2000, which is the base year. Please compute the ending inventory each year under dollar value LIFO.2000200120022003Inventory8097108123PI1.001.051.081.12
The Value of Dollar ValuenWhy is dollar value LIFO used more often than unit LIFO?nWhy is dollar value LIFO still LIFO given that it tracks costs with FIFO method?
Perpetual Inventory System§ Inventory account is increased and decreased as goods are bought and sold. § Inventory is counted at the end of the period to confirm the accounting number.  § CGS is recorded every time you make a sell.
Journal entries:To buy: (assume gross method)InventoryXXA/PXXTo return:A/PXX      Inventory (returns)XXPerpetual Inventory System
To sell:A/RXXSalesXXCGSXXInventoryXXThere is a modified perpetual inventory in use by many firms. Records are kept in quantities only, not dollars. Perpetual Inventory System
Next SessionsnBondsnCase on inventory

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