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What the cumulative effect of this accounting change

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Question - On December 31, 2022, Seanette, Inc. appropriately changed its inventory valuation method to weighted- average cost from FIFO cost for financial statement and income tax purposes. The change will result in a P11,750,000 decrease in the beginning inventory at Jan. 1, 2022. Assume a 30% income tax rate. What the cumulative effect of this accounting change on beginning retained earnings?

Reference no: EM133135678

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