For the quarter ended September 30, the amount of net income that Rouge should report is
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Rouge Company’s $264,000 net income for the quarter ended September 30 included the following after-tax items:
- A $28,000 cumulative effect loss resulting from a change in
inventory valuation method made on September 1. - $0 of the $74,000 annual property taxes paid on February 1.
For the quarter ended September 30, the amount of net income that Rouge should report is
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