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In 2020 the Company changed its method of accounting for inventory from weighted average cost...

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Accounting

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In 2020 the Company changed its method of accounting for inventory from weighted average cost method to the FIFO method. This change caused the 2020 beginning inventory to increase by $960,000. The cumulative effect of this accounting change to be reported as an adjustment to beginning retained earnings for 2020, assuming a 40% tax rate, is $384.000 5%60,000 $576,000 50

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