Talbert Inc., which uses a periodic system, changed from the

Question
Talbert Inc., which uses a periodic system, changed from the weighted average cost formula to the FIFO cost formula in 2020. The increase in the prior year’s income before tax as a result of this change is $228,000. The tax rate is 30%. Prepare Talbert’s 2020 journal entry to record the change in accounting policy, assuming that the company’s financial statements are reliable and more relevant as a result of the change. Assume that the 2020 year-end balance of inventory has not yet been recorded.

Question

Talbert Inc., which uses a periodic system, changed from the weighted average cost formula to the FIFO cost formula in 2020. The increase in the prior year’s income before tax as a result of this change is $228,000. The tax rate is 30%. Prepare Talbert’s 2020 journal entry to record the change in accounting policy, assuming that the company’s financial statements are reliable and more relevant as a result of the change. Assume that the 2020 year-end balance of inventory has not yet been recorded.

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