Harrison Company, Inc

question 51

Essay

Harrison Company, Inc. began operations on January 1, 2010, and applied the LIFO method for inventory valuation. On June 10, 2011, Harrison adopted the FIFO method of accounting for inventory. Additional information is as follows: The LIFO method was applied during the first quarter of 2011 and the FIFO method was applied during the second quarter of 2011 in computing income, above. Harrison's effective income tax rate is 40 percent. Harrison has 500,000 shares of common stock outstanding at all times.
Compute the after-tax effect of Harrison's change in inventory method.

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Definitions:

Fluid and Electrolyte Imbalance

A condition where the body's water content and the levels of ions are either too high or too low.

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The degree of alertness or responsiveness of a person; a measure of a person's wakefulness and ability to respond to stimuli.

Cognitive Impairment

A condition where an individual has trouble remembering, learning new things, concentrating, or making decisions that affect their everyday life.

Mini-Cog Test

A brief screening tool used to evaluate cognitive function, particularly to screen for signs of dementia or Alzheimer's disease; it involves memory and clock drawing tests.