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On December 31, 2024, Crane Company changed its method of accounting for inventory from the...

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Accounting

On December 31, 2024, Crane Company changed its method of accounting for inventory from the average-cost method to the FIFO method. This change caused the 2024 beginning inventory to increase by $1015000. The cumulative effect of this accounting change to be reported for the year ended 12/31/24, assuming a 20% tax rate, is $812000. $1015000. $203000. $0.
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On December 31,2024 , Crane Company changed its method of accounting for inventory from the average-cost method to the FIFO method. This change caused the 2024 beginning inventory to increase by $1015000. The cumulative effect of this accounting change to be reported for the year ended 12/31/24, assuming a 20% tax rate, is $812000. $1015000. $203000

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