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On December 31, 2013, Dean Company changed its method of accounting for inventory from weighted average cost method to the FIFO method.

On December 31, 2013, Dean Company changed its method of accounting for inventory from weighted average cost method to the FIFO method. This change caused the 2013 beginning inventory to increase by $630,000. The cumulative effect of this accounting change to be reported for the year ended December 31, 2013, assuming a tax rate of 40%, is:

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