QUESTION 3 It was decided during 2021 to change the method of valuation...
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Accounting
QUESTION 3
It was decided during 2021 to change the method of valuation from WACC to FIFO.
The change in the accounting policy has been accounted for in the current year
The raw material inventories have been valued accordingly for the 3 years
FIFO WACC
2019 160 000 133 000
2020 155 000 144 000
2021 140 000 120 000
Required,
1. Prepare a change in accounting policy note. Assume a tax rate of 30%
2. Show the calculations.
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