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Explain what is the amount reported in crimson statement

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Reference no: EM132630917

Crimson Company started operations on January 1, 2014. Inventory was accounted for by using the FIFO method. At the beginning of 2017, Crimson changed to average method.

The following information relating to inventory for years 2015 and 2016 are as follows:

                                               2015                           2016

FIFO ending inventory                P360,000               P440,000

Average ending inventory             320,000                 350,000

Income tax rate is 35%

Problem 1: What is the amount reported in Crimson's 2017 statement of changes in equity as an adjustment to beginning retained earnings of 2016 (the only comparative prior period presented)?

Reference no: EM132630917

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