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Business, 25.12.2019 05:31 Jony4359

On december 31, year 10, brown company changed its inventory valuation method from the weighted-average method to fifo for financial statement purposes. the change will result in an $800,000 decrease in the beginning inventory at january 1, year 10. the tax rate is 30%. the cumulative effect of this accounting change for the year ended december 31, year 10, in the statement of retained earnings is:

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