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Garmin Corp

Accounting

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Garmin Corp. began its operations on January 1, 2018, and used the LIFO method of accounting for its inventory. On January 1, 2020, Garmin adopted FIFO in accounting for its inventory. The following information is available regarding cost of goods sold for each method UFO FIFO Cost of Goods Sold Cost of Goods Sold Year 2018 $470.000 $350,000 2019 690.000 450,000 2020 700,000 540,000 Assuming a tax rate of 30% and the same accounting change adopted for tax purposes, how would the effect of the accounting change be reported in coening retained earnings on the 2020 financial statements? $360,000 adjustment +$252.000 adjustment no adjustment O $700,000 adjustment