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Business, 29.04.2021 03:20 Delgadojacky0206

During year 3, Orca Corp. decided to change from the FIFO method of inventory valuation to the weighted-average method. Inventory balances under each method were as follows: FIFO Weighted-average January 1, year 3 $71,000 $77,000 December 31, year 3 $79,000 $83,000 Orca's income tax rate is 30%. In its year 3 financial statements, what amount should Orca report as the gain or loss on the cumulative effect of this accounting change

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During year 3, Orca Corp. decided to change from the FIFO method of inventory valuation to the weigh...

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