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in 2022, Karen Corp
in 2022, Karen Corp. changed method of inventory pricing from LIFO to FIFO. ignoring income taxes the net income computed on a LIFO as compared to a FIFO basis for the four years involved was :
LIFO FIFO
2019 78900 87300
2020 84500 88800
2021 86900 90300
2022 92900 92900
what would the net income be on a comparative financial statement issued on dec. 31, 2022 for each of the four years 2019 - 2022, assuming the company changed to the FIFO method in 2022?
Expert Solution
Net Income:
2019 = $87,300
2020 = $88,800
2021 = $90,300
2022 = $92,900
Change in method of inventory pricing from LIFO to FIFO should be done retrospectively. So, Net Income under FIFO will be considered.
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