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What amount should be reported as gain or loss

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Question - During 2013, Davis Company changed from FIFO to weighted average method of inventory valuation. The FIFO inventory was P 710,000 on January 1 and P790,000 on December 31. The average inventory was P 770,000 on January 1 and P 830.000 on December 31. The income tax rate is 30%. In the 2013 income statement, what amount should be reported, as gain or loss on the cumulative effect of this change?

Reference no: EM132953614

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