CALCULATOR FULL SCRFEN PRINTER VERSTON BACK NEXT Exercise 80 In 2019, Fischer 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 2016 66,470 $72,845 2017 71,825 74,885 2018 73,950 77,690 201978,625 78,795 Indicate the net income that would be shown on comparative financial statements issued at 12/31/19 for each of the four years, assuming that the company changed to the FIFO method in 2019 Net Income 2016 2017 2018 2019 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: 2016, $80,400; 2017, $86,120; 2018, $90,300; and 2019, $93,600, Indicate the net income that would be shown on comparative financial statements issued at 12/31/19 for each of the four years under these conditions. Net Income 16 Policy I 2000-2018John wley & Sons. Inc, All Rights Reserved. A Division of John wley & Sons inc. Version 4.24.9.3