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What amount should reported as the pretax cumulative effect

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Reference no: EM133137441

Question - During 2022, Camaganacan Company decided to change from the FIFO method of inventory valuation to the weighted average method.

 

FIFO

Weighted average

January 1 inventory

P7,100,000

P7,700,000

December 31 inventory

7,900,000

8,300,000

In the statement of retained earnings for 2022, what amount should be reported as the pretax cumulative effect of this accounting change?

a. P1,000,000 addition

b. P1,000,000 deduction

c. P600,000 deduction

d. P600,000 addition

Reference no: EM133137441

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