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During 2020, Concord Company changed from FIFO to weighted-average inventory pricing. Pretax income in 2019 and 2018 (Concord's first year of operations) under FIFO
During 2020, Concord Company changed from FIFO to weighted-average inventory pricing. Pretax income in 2019 and 2018 (Concord's first year of operations) under FIFO was $179,190 and $187,210, respectively. Pretax income using weighted-average pricing in the prior years would have been $155,700 in 2019 and $172,500 in 2018. In 2020, Concord reported pretax income (using weighted-average pricing) of $209,400. Show comparative income statements for Concord, beginning with "Income before income tax," as presented on the 2020 income statement. (The tax rate in all years is 30%.) Income before income tax $ Income tax 2020 Net Income $ $ 2019 LA LA $ 2018
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