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At the beginning of the current year, Avery Co. made a justifiable change from FIFO to weighted average. During a period of rising prices, the
At the beginning of the current year, Avery Co. made a justifiable change from FIFO to weighted average. During a period of rising prices, the result was a $200,000 decrease in the beginning inventory. If the tax rate applicable at all times was 25% and Avery reports single-period statements only, the cumulative effect of the change must be reported in the statement of.
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