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What is the effect of the change in methods on net income?
tableThe effect of the change for the year is a$increase,in cost of goods,,sold resulting in a$decrease,in income before taxes and an$decreasein income after tax.,,,,
Rockwell Corporation uses a periodic inventory system and has used the FIFO cost method since inception of the company in In the company decided to switch to the average cost method. Data for are as follows:
tableBeginning inventory, FIFO $
