Question
On December 31, 2018 Pharoah Company changed its method of accounting for inventory from weighted average cost method to the FIFO method. This change caused
On December 31, 2018 Pharoah Company changed its method of accounting for inventory from weighted average cost method to the FIFO method. This change caused the 2018 beginning inventory to increase by $920000. The cumulative effect of this accounting change to be reported for the year ended 12/31/18, assuming a 30% tax rate, is
| A. | $0. |
| B. | $644000. |
| C. | $276000. |
| D. | $920000. |
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Auditing Practices In Local Governments An International Comparison
Authors: Laurence Ferry, Pasquale Ruggiero
1st Edition
180117086X, 978-1801170864
