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What is the effect of the change in method on net income

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Reference no: EM131789713

Problem

In the question above, assume that 2016's ending inventory is $23 million using average cost, and would have been $26 million if the company had not switched from the FIFO method. The effect of the change in method on 2016 net income is a:

1,800,000 decrease

3,000,000 decrease

600,000 decrease

1,000,000 decrease.

Reference no: EM131789713

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