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How much is the cumulative effect of this change

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Question - On December 31, 2021, ECHO Company appropriately changed its inventory valuation method to the FIFO cost method from the average cost method for financial statement and income purposes. The change will result in a P350,000 increase in the beginning inventory on January 1, 2021.

Assuming an income tax rate of 30%, how much is the cumulative effect of this change that should be reported in the income statement for the year ended December 31, 2021?

Reference no: EM133179939

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