Goddard Company had used the FIFO method of inventoryThe entity provided the following year-end inventoryvaluation since it began operations in 2018. The entity decidelto change to the weighted average method for determiningProblem 8-15 (AICPA Adapted)inventory cost at the beginning of 2021.balances under FIFO and weighted average method:FIFOWeighted averageYear2018201920204,500,0007,800,0008,300,0005,400,0007,100,0007,800,000What pretax amount should be reported in the 2021 statementof changes in equity as the cumulative effect of the change inaccounting policy?a. 500,000 decreaseb. 300,000 decreascc. 500,000 increased. 300,000 increase

Calculation of cumulative effect of change in accounting policy Year FIFO Weighted average effect…

What pretax amount should be reported in the 2021 statemen of changes in equity as the cumulative effect of the change in accounting policy? a. 500,000 decrease b. 300,000 decreasc c. 500,000 increase d. 300,000 increase

What pretax amount should be reported in the 2021 statemen of changes in equity as the cumulative effect of the change in accounting policy? a. 500,000 decrease b. 300,000 decreasc c. 500,000 increase d. 300,000 increase

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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