Cumulative effect of the accounting change, Accounting Basics

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Cumulative effect of the accounting change

On December 31, 2008 Kean Company changed its method of accounting for inventory from weighted average cost method to the FIFO method. This change caused the 2008 beginning inventory to increase by $420,000. What is the cumulative effect of this accounting change to be reported for the year ended December 31, 2008, assuming a 40% tax rate?

A. $0

B. $420,000

C. $252,000

D. $168,000

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Accounting Basics: Cumulative effect of the accounting change

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Accounting Basics: Cumulative effect of the accounting change

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Accounting Basics: Cumulative effect of the accounting change

Reference No:- TGS092811

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