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Business, 30.07.2019 02:10 pizarroisaid

Loire co., a calendar year-end firm, has used the fifo method of inventory measurement since it began operations in year 3. loire changed to the weighted-average method for determining inventory costs at the beginning of year 6. justification for this change was that it better reflected inventory flow. the following schedule shows year-end inventory balances under the fifo and weighted-average methods: year fifo weighted-average 3 $ 90,000 $108,000 4 156,000 142,000 5 166,000 150,000 in its year 6 financial statements, loire included comparative statements for both year 5 and year 4. what amount should loire report as inventory in its financial statements for the year ended december 31, year 4, presented for comparative purposes?

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