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What amount should orca report as the cumulative effect

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Question - During 2017, Orca Corp. decided to change from the FIFO method of inventory valuation to the weighted-average method. Inventory balances under each method were as follows:

FIFO

Weighted-average

January 1, 2017

$71,000

$77,000

December 31, 2017

$79,000

$83,000

Orca's income tax rate is 30%.

In its 2017 financial statements, what amount should Orca report as the cumulative effect of this accounting change?

Reference no: EM131578029

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