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In 2025, the Robinson Company switched its inventory method from FIFO to average cost. Inventories at the end of 2024 were reported in the balance

In 2025, the Robinson Company switched its inventory method from FIFO to average cost. Inventories at the end of 2024 were reported in the balance sheet at $22 million. If the average cost method had been used, 2024 ending inventory would have been $20 million. The company's tax rate is 25%. The adjustment to 2025s beginning retained earnings would be

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