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Talbert Inc., which uses a periodic system, changed from the weighted average cost formula to...

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Accounting

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Talbert Inc., which uses a periodic system, changed from the weighted average cost formula to the FIFO cost formula in 2020. The increase in the prior year's income before tax as a result of this change is $232,000. The tax rate is 30%. Prepare Talbert's 2020 journal entry to record the change in accounting policy, assuming that the company's financial statements are reliable and more relevant as a result of the change. Assume that the 2020 year-end balance of inventory has not yet been recorded. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit

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