ndi Khough Alam Corporation appropriately changed its inventory costing method from FIFO cost to weighted average cost method for financial statement and income tax purposes. The change will result in a P700,000 decrease in the beginning inventory of January 1, 2021. Assume a 30% income tax rate. What is the amount of addition (deduction) to the January 1, 2021 balance of retained earnings
ndi Khough Alam Corporation appropriately changed its inventory costing method from FIFO cost to weighted average cost method for financial statement and income tax purposes. The change will result in a P700,000 decrease in the beginning inventory of January 1, 2021. Assume a 30% income tax rate. What is the amount of addition (deduction) to the January 1, 2021 balance of retained earnings
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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On December 31, 2021, Hindi Khough Alam Corporation appropriately changed its inventory costing method from FIFO cost to weighted average cost method for financial statement and income tax purposes. The change will result in a P700,000 decrease in the beginning inventory of January 1, 2021. Assume a 30% income tax rate. What is the amount of addition (deduction) to the January 1, 2021 balance of
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