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In 2025, the Robinson Company switched its inventory method from FIFO.pdf

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In 2025, the Robinson Company switched its inventory method from FIFO to average cost. Inventories at the end of 2024 were reported in the balance sheet at $22 million. If the average cost method had been used, 2024 ending inventory would have been $20 million. The company's tax rate is 25%. The adjustment to 2025 's beginning retained earnings would be:.

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In 2025, the Robinson Company switched its inventory method from FIFO to average cost. Inventories at the end of 2024 were reported in the balance sheet at $22 million. If the average cost method had been used, 2024 ending inventory would have been $20 million. The company's tax rate is 25%. The adjustment to 2025 's beginning retained earnings would be:

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In 2025, the Robinson Company switched its inventory method from FIFO.pdf

  • 1. In 2025, the Robinson Company switched its inventory method from FIFO to average cost. Inventories at the end of 2024 were reported in the balance sheet at $22 million. If the average cost method had been used, 2024 ending inventory would have been $20 million. The company's tax rate is 25%. The adjustment to 2025 's beginning retained earnings would be: