Question
On January 1, 2018, Delta changed its inventory valuation method from LIFO to FIFO for financial statement purposes. The change will result in an $800,000
On January 1, 2018, Delta changed its inventory valuation method from LIFO to FIFO for financial statement purposes. The change will result in an $800,000 increase in inventory at January 1, 2018. The tax rate is 30%. How much should retained earnings be adjusted (indicate direction and dollar amount) so that it is correct (using the new method) as of January 1, 2018
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Auditing A Business Risk Approach
Authors: Karla Johnstone, Audrey Gramling, Larry Rittenberg
8th edition
538476230, 978-0538476232
