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Crimson Company started operations on January 1, 2014. Inventory was accounted for by using the FIFO method. At the beginning of 2017, Crimson changed to average method.
The following information relating to inventory for years 2015 and 2016 are as follows:
2015 2016
FIFO ending inventory P360,000 P440,000
Average ending inventory 320,000 350,000
Income tax rate is 35%
Problem 1: What is the amount reported in Crimson's 2017 statement of changes in equity as an adjustment to beginning retained earnings of 2016 (the only comparative prior period presented)?
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