The change will result in a 3600000 increase in the

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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

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