Question
During 2020, Windsor Company changed from FIFO to weighted-average inventory pricing. Pretax income in 2019 and 2018 (Windsor's first year of operations) under FIFO was
During 2020, Windsor Company changed from FIFO to weighted-average inventory pricing. Pretax income in 2019 and 2018 (Windsor's first year of operations) under FIFO was $173,170and $187,360, respectively. Pretax income using weighted-average pricing in the prior years would have been $161,700in 2019 and $187,600in 2018. In 2020, Windsor reported pretax income (using weighted-average pricing) of $205,400. Show comparative income statements for Windsor, beginning with "Income before income tax," as presented on the 2020 income statement. (The tax rate in all years is30%.)
2020
2019
2018
Income before income tax
$enter a dollar amount
$enter a dollar amount
$enter a dollar amount
Income tax
enter a dollar amount
enter a dollar amount
enter a dollar amount
Net Income
$enter a total of the two previous amounts
$enter a total of the two previous amounts
$enter a total of the two previous amounts
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