Please help me with show all calculation thanku During year 3, Orca Corp. decided to change from the FIFO method of inventory valuation to the weighted-average method. Inventorybalances under each method were as follows:January 1, year 3December 31, year 3FIFOO $4,200$0$2,800$4,000$71,000$79,000Weighted-average$77,000$83,000Orca'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 accountingchange?

Accounting change refers to the change in the accounting estimates as well as change in accounting…

During year 3, Orca Corp, decided to change from the FIFO method of Inventory valuation to the weighted balances under each method were as follows: January 1, year 3 FIFO Weighted average $71,000 December 31, year 3 $79,000 $77,000 $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

During year 3, Orca Corp, decided to change from the FIFO method of Inventory valuation to the weighted balances under each method were as follows: January 1, year 3 FIFO Weighted average $71,000 December 31, year 3 $79,000 $77,000 $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

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter18: Accounting Periods And Methods

Section: Chapter Questions

Problem 67P

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