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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?

$2,800

$4,000

$4,200

$6,000

Reference no: EM131960179

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