Question
On December 31, 2021 Sandhill Company changed its method of accounting for inventory from weighted average cost method to the FIFO method. This change caused
On December 31, 2021 Sandhill Company changed its method of accounting for inventory from weighted average cost method to the FIFO method. This change caused the 2021 beginning inventory to increase by $1000000. What the cumulative effect of this accounting change to be reported for the year ended 12/31/21, assuming a 40% tax rate?
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Corporate Financial Accounting
Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac
12th edition
1305041399, 1285078586, 978-1-133-9524, 9781133952428, 978-1305041394, 9781285078588, 1-133-95241-0, 978-1133952411
