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Question - WB Company began operations in 2018 and adopted FIFO for inventory pricing. During 2020, the company changed from FIFO to weighted average inventory pricing. The income tax rate is 30%. Pretax income data is as follows:
Year
FIFO Weighted
Average
2018
$370,000
$290,000
2019
$390,000
$490,000
2020
430,000
$400,000
Using the above information what is the cumulative effect of the change in accounting principle from FIFO to weighted average inventory pricing as reported on the statement of retained earnings for the year ended Dec. 31, 2020
a. $180,000 decrease
b. $14,000 increase
c. $20,000 increase
d. $7,000 decrease
e. None of these
f. $10,000 decrease
g. $126,000 decrease
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