Question
On December 31, 2021, ABC, Inc. changed its inventory valuation method to FIFO cost from LIFO cost for financial statement and income tax purposes. The
On December 31, 2021, ABC, Inc. changed its inventory valuation method to FIFO cost from LIFO cost for financial statement and income tax purposes. The change will result in a $280,000 increase in the beginning inventory at January 1, 2021. Assume a 20% income tax rate. The cumulative effect of this accounting change on beginning retained earnings is _______
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Statistical Sampling And Risk Analysis In Auditing
Authors: Peter Jones
1st Edition
1138263214, 978-1138263215
