During 2023, Tori Company decided to change from the FIFO inventory valuation to the weighted average method. The income tax rate is 30%. Weighted average 8,300,000 FIFO January 1 inventory December 31 inventory 7,500,000 8,000,000 8,500,000| What amount should be reported as the cumulative effect of this accounting change for 2023? A. 560,000 increase B. 560,000 decrease C. 350,000 increase D. 350,000 decrease
During 2023, Tori Company decided to change from the FIFO inventory valuation to the weighted average method. The income tax rate is 30%. Weighted average 8,300,000 FIFO January 1 inventory December 31 inventory 7,500,000 8,000,000 8,500,000| What amount should be reported as the cumulative effect of this accounting change for 2023? A. 560,000 increase B. 560,000 decrease C. 350,000 increase D. 350,000 decrease
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 11P: Olson Company adopted the dollar-value LIFO method for inventory valuation at the beginning of 2015....
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