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Mac Inc. changed from LIFO to the FIFO inventory method on January 1, 2020.
Cost of goods sold calculated using each of the two inventory methods are as follows:
FIFO LIFO
2018: 200,000 180,000
2019: 400,000 380,000
2020: 370,000 300,000
Required:
Question (a) Assuming a 40% tax rate, prepare the journal entry to report this accounting change.
Question (b) What is the net effect of this accounting change on shareholders' equity?
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