20 points Question 3 12:20. Arxan Company to charges med or intory pronto UFO UPFO The company doenten in 2016. Comece based on uros comowed to proves BEO 57.000 2020 Snowhere come at would be someone.com.vetements as of 12120 reach of the Wee years Auto306 what is the new 2000 colors ? Pas de enero 2015 which means there is no concert 2058 In 2020, Alexandria Company decided to change its method of inventory pricing from LIFO to FIFO. The company started operation in 2018. Net income calculated based on LIFO as compared to FIFO for the three years is: LIFO FIFO 2018 2019 2020 $78,000 81,000 79,000 $88.000 92,000 90,500 Instructions (a) Show the net income that would be shown on the comparative financial statements issued as of 12/31/20 for each of the three years. (b) Assume a tax rate of 30%, what is the adjusting entry the company would make in 2020 to account for this accounting change? (Please note that the company started operation in 2018, which means that there was no transaction and no account balances prior to 2018)