On December 31, 2021, BLACK MAMBA Company appropriately changed its inventory valuation method to average cost method from FIFO for financial statement and income tax purposes. The change will result in a $180,000 increase in the beginning inventory at January 1, 2021. Assume an income tax rate of 30%.

On December 31, 2021, BLACK MAMBA Company appropriately changed its inventory valuation method to average cost method from FIFO for financial statement and income tax purposes. The change will result in a $180,000 increase in the beginning inventory at January 1, 2021. Assume an income tax rate of 30%.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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