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Exercise 22-04 Marigold company started operations on January 1, 2015. and has used the FIFO method of inventory valuation since its inception in 2021, I
Exercise 22-04 Marigold company started operations on January 1, 2015. and has used the FIFO method of inventory valuation since its inception in 2021, I decides to switch to the verge cost method. You are provided with the following information Retained Earnings Net Income (Ending Balance) Under FIFO Under Average cost Under FITO 2015 $92.900 382.500 $93,000 2016 66,100 61.000 155.900 2017 94,000 34.900 229,000 2018 319,900 129,900 350,700 2019 296,700 285,700 539,200 2020 294,400 208,900 717,200 (a) What is the beginning retained earings balance at January 1, 2017, if Marigold prepares comparative financial statements starting in 2017 Retained earnings, January 1 (b) What is the beginning retained earnings balance at January 1, 2020, Marigold prepares comparative financial statements starting in 20207 Retained earnings, January 1 (c) What is the beginning retained earnings balance at anuary 1, 2021, Marigold prepares single period financial statements for 20213 Retained earnings January TERM ( What is the beginning retained earnings balance at January 1, 2021, if Marigold prepares single-period financial statements for 2021 Retained earnings, January 1 (d) What is the net income reported by Marigold in the 2020 income statement if it prepares comparative financial statements starting with 2016? 2018 2019 2020 Net Income Click if you would like to Show Work for this question: Qon Show Work
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