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On December 31, 2024, Sheridan Company changed its method of accounting for inventory from the average-cost method to the FIFO method. This change caused the
On December 31, 2024, Sheridan Company changed its method of accounting for inventory from the average-cost method to the FIFO method. This change caused the 2024 beginning inventory to increase by $985000. The cumulative effect of this accounting change to be reported for the year ended 12/31/24, assuming a 20% tax rate, is $788000.$197000. $0. $985000 Step by Step Solution
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Factory Business System Audit Lean Manufacturing
Authors: Rolf Thorsten
1st Edition
1091908583, 978-1091908581
