On August 31 of the current year, Harvey Co. decided to change from the FIFO periodic inventory

Question:

On August 31 of the current year, Harvey Co. decided to change from the FIFO periodic inventory system to the weighted- average periodic inventory system. Harvey uses IFRS and is on a calendar- year basis. The cumulative effect of the change is shown as an adjustment to beginning retained earnings on the for:
a. August 31 of the current year.
b. December 31 of the current year.
c. January 1 of the current year.
d. January 1 of the prior year.
Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...