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Business, 10.03.2020 17:02 benbeltran9030
On January 1, 2018, Crane Corp. changed its inventory method to FIFO from LIFO for both financial and income tax reporting purposes. The change resulted in a $1030000 increase in the January 1, 2018 inventory. Assume that the income tax rate for all years is 35%. The cumulative effect of the accounting change should be reported by Crane in its 2018..
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On January 1, 2018, Crane Corp. changed its inventory method to FIFO from LIFO for both financial an...
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