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: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Scientific studies suggest that some animals regulate their intake of different types of food available in...

Basic Math
Q

2. Clark Heter is an industrial engineer at Lyons Products. He would like to determine whether there...

Statistics
Q

1)The Ksp of nickel(II) hydroxide, Ni(OH)2, is 5.84 × 10-16. Calculate the solubility of this compound...

Chemistry
Q

You have been given responsibility for overseeing a bank’s small business loans division. The bank has...

Accounting
Q

x Let x y be defined as follows x y 2xy 2 y x If...

Geometry
Q

Find the area of the figure 15 cm 15 cm 11 17 cm 8 cm

Geometry
Q

1 point This problem requires you to do some reasoning based on the total degree...

Basic Math
Q

S College students are randomly selected and arranged in groups of three The random variable...

Statistics
Q

a State the random variable rv X the cholesterol level of a randomly selected woman...

Statistics
Q

Fule to solve the system 6x 6y 12 If there is a solution write your...

Algebra
Q

Support Department Cost Allocation-Direct Method Christmas Timber, Inc., produces Christmas trees....

Accounting
Q

PT. Papaya publishes a fashion Time magazine called Jambu Trends. The price paid to...

Accounting