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Mogo Manufacturing Company accounts for its inventories by the FIFO method. The company has consistently allocated building depreciation to production and general administration on the basis of the number of square feet occupied. According to the measurements used, manufacturing requires 90% of the square footage and general administration utilizes 10% of the total square feet. This year, 2017, the accountant realized that 5 years ago an addition was made to the portion of the building used for general administration, and the depreciation allocation had not been adjusted. What are the tax accounting implications of this discovery?
Values Represent Money
Values represent money refers to numerical data within a system or database that is designated to quantify monetary amounts.
Field List
A display in database and software development environments that shows all the fields available in a table or query.
Form Design View
A graphical interface in database management systems used for designing the layout and functionality of forms that users interact with to enter or display data.
Referential Integrity
A concept in database management that ensures relationships between tables remain consistent, where keys in one table match keys in another.
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