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During 2025, Bonita Company changed from FIFO to weighted average inventory pricing. Pretax income in 2024 and 2023 (Bonita's first year of operations) under
During 2025, Bonita Company changed from FIFO to weighted average inventory pricing. Pretax income in 2024 and 2023 (Bonita's first year of operations) under FIFO was $174,100 and $197,880, respectively. Pretax income using weighted average pricing in the prior years would have been $151,800 in 2024 and $182,000 in 2023. In 2025, Bonita reported pretax income (using weighted- average pricing) of $203,000. Show comparative income statements for Bonita, beginning with "Income before income tax," as presented on the 2025 income statement. (The tax rate in all years is 30%.) Income before income tax Income tax Net income 2025 2024 2023
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