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CPA Question 03 During 2017, Orca Corp. decided to change from the FIFO method of...

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Accounting

CPA Question 03 During 2017, Orca Corp. decided to change from the FIFO method of inventory valuation to the weighted-average method. Inventory balances under each method were as follows: FIFO Weighted-average January 1, 2017 $71,000 $77,000 December 31, 2017 $79,000 $83,000 Orca's income tax rate is 30%. In its 2017 financial statements, what amount should Orca report as the cumulative effect of this accounting change?

$6,000

$2,800

$4,000

$4,200

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