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Business, 14.10.2021 01:00 pearlvldz

On December 31, 2017, Paiva, Inc. appropriately changed its inventory valuation method to weighted-average cost from FIFO cost for financial statement purposes. The change will result in a decrease in the inventory account at January 1, 2017. The amount of the change, net of tax is, $1,480,000 (all tax effects should be ignored). The cumulative effect of this accounting change should be reported by Paiva, Inc, in 2017 in the:

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