The change will result in a 3600000 increase in the

Reference no: EM13393587

On December 31, 2013, Gifts Galore, Inc. appropriately changed its inventory valuation method from weighted-average cost to FIFO method for financial statement and income tax purposes. The change will result in a $3,600,000 increase in the beginning inventory at January 1, 2013. Assume a 35% income tax rate. The cumulative effect of this accounting change on beginning retained earnings is

$0.

$1,260,000.

$3,600,000.

$2,340,000.

Reference no: EM13393587

Questions Cloud

Primary task response within the discussion board area : nbspprimary task response within the discussion board area write 400ndash600 words that respond to the following

In what fundamental ways is activity based costing : in what fundamental ways is activity based costing different from traditional costing methods such as job order

A bond that has a 1000 par valueface value and a contract : a bond that has a 1000 par valueface value and a contract or coupon interest rate of 11.2. the bonds have a current

Fleet skills test can be accomplished on a driving range or : fleet skills test can be accomplished on a driving range or in actual traffic conditions. give at least one advantage

The change will result in a 3600000 increase in the : on december 31 2013 gifts galore inc. appropriately changed its inventory valuation method from weighted-average cost

As a newly promoted vice president vp your chief executive : as a newly promoted vice president vp your chief executive officer ceo has invited you to participate in this years

A company decides to switch from double-declining balance : a company decides to switch from double-declining balance method to that straight-line method of recording

Give your opinion of the value of vehicle out of service : give your opinion of the value of vehicle out of service rates and driver log errors as a driver supervisor tool.

Which of the following is accounted for as a change in : which of the following is accounted for as a change in accounting principle?a change in inventory valuation from

User Account

All Pages