Business, 22.04.2020 02:40, sheldonwaid7958

On December 31, 2021, Oriole, Inc. appropriately changed its inventory valuation method to FIFO cost from weighted-average cost for financial statement and income tax purposes. The change will result in a $3050000 increase in the beginning inventory at January 1, 2021. Assume a 40% income tax rate. The cumulative effect of this accounting change on beginning retained earnings is:

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On December 31, 2021, Oriole, Inc. appropriately changed its inventory valuation method to FIFO cost...