Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. cpa question 03 during 2017, orca corp. decided to

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

80.2K

Verified Solution

Question

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

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

General Management
1.2K views

Write an ONE-page memo to your boss regarding your views on Autonomous vehicles and how they...

Biology
1.2K views

gar to food helps preserve the food by sing O2 availability sing water availability sing...

Physics
1.2K views

a 1 cm b 2 cm c 3 cm 8 14 3 Simple Harmonic Motion...

Physics
1.2K views

When 5V potential difference is applied across a wire of length 0 1 m the...

Basic Math
1.2K views

8. There are 9 red, 6 blue, and 5 green marbles in a bag.a. How...

Accounting
1.2K views

On January 2 of the current year, Fenton and Myers form the FM LLC. Their...

Accounting
1.2K views

QUESTION 18 El registro de Cuentas por Cobrar (A/R Register) tiene el...

Accounting
1.2K views

Portions of the financial statements for Clear Transmissions Company are provided below. Required: Prepare the...

Accounting
1.2K views

i need the answer quickly The present value of a cash-1 flow decreases as...

Accounting
1.2K views

pls help me correct the wrong answers and show me how, thanks ...

Accounting
1.2K views

A sheaf of papers in his hand, your friend and colleague, Jason, steps into your...

Accounting
1.2K views

Assume a company reported the following results: Sales $ 400,000 Variable expenses 260,000 Contribution margin...