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Exercise 80 In 2019, Fischer Corporation changed its method of inventory pricing from LIFO to FIFO. Net income computed on a LIFO as compared
Exercise 80 In 2019, Fischer Corporation changed its method of inventory pricing from LIFO to FIFO. Net income computed on a LIFO as compared to a FIFO basis for the four years involved is: (Ignore income taxes.) LIFO FIFO 2016 $96,186 $105,411 2017 103,935 108,363 2018 2019 107,010 112,422 113,775 114,021 Indicate the net income that would be shown on comparative financial statements issued at 12/31/19 for each of the four years, assuming that the company changed to the FIFO method in 2019. 2016 Net Income 2017 $ 2018 $ 2019
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