Question
During 2017, Bramble Company changed from FIFO to weighted-average inventory pricing. Pretax income in 2016 and 2015 (Brambles first year of operations) under FIFO was
During 2017, Bramble Company changed from FIFO to weighted-average inventory pricing. Pretax income in 2016 and 2015 (Brambles first year of operations) under FIFO was $163,560 and $186,350, respectively. Pretax income using weighted-average pricing in the prior years would have been $152,200 in 2016 and $180,800 in 2015. In 2017, Bramble reported pretax income (using weighted-average pricing) of $214,600. Show comparative income statements for Bramble, beginning with Income before income tax, as presented on the 2017 income statement. (The tax rate in all years is 28%.) 2017 2016 2015 Income before income tax $ $ $ Income tax Net Income $ $ $
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