Assume that the company had switched from the average cost method to the FIFO method with net income on an average cost basis for the four years as follows: 2019, $80,400; 2020, $86,120; 2021, $90,300; and 2018, $93,600. Indicate the net income that would be show

Intermediate Accounting: Reporting And Analysis
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Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
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Chapter22: Accounting For Changes And Errors.
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In 2022, Kimberly Corporation changed its method of inventory pricing from LIFO to FIFO. Net income computed on a LIFO as compared to a FIFO basis for the four years involved is: (Ignore income taxes.)

    LIFO   FIFO
2019   $78,600   $87,400
2020   84,000   88,900
2021   86,800   90,600
2022   92,800   92,200

 

Assume that the company had switched from the average cost method to the FIFO method with net income on an average cost basis for the four years as follows: 2019, $80,400; 2020, $86,120; 2021, $90,300; and 2018, $93,600. Indicate the net income that would be shown on comparative financial statements issued at 12/31/22 for each of the four years under these conditions.

   
Net Income
2019  
2020  
2021  
2022  
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