Business, 16.04.2020 21:38 diamondgdm

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. The company's tax rate is 25%. The adjustment to 20X2’s beginning retained earnings would be:

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In 20X2, the Robinson Company switched its inventory method from FIFO to average cost. Inventories a...