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What effect of change in method on income before taxes

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Question 1: In 20X2, the Robinson Company switched its inventory method from FIFO to average cost. Inventories at the end of 20X1 were reported in the balance sheet at $22 million. If the average cost method had been used, 20X1 ending inventory would have been $20 million. Ending inventory in 20X2 is $23 million using average cost, and would have been $26 million if the company had not switched from the FIFO method. The company's tax rate is 25%. The effect of the change in method on 20X2 income before taxes is a

Reference no: EM132551421

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