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Flounder Company began operations on January 1, 2018, and uses the average-cost method of pricing inventory. Management is contemplating a change in inventory methods for
Flounder Company began operations on January 1, 2018, and uses the average-cost method of pricing inventory. Management is contemplating a change in inventory methods for 2021. The following information is available for the years 20182020.
Net Income Computed Using | ||||||
---|---|---|---|---|---|---|
Average-Cost Method | FIFO Method | LIFO Method | ||||
2018 | $15,900 | $19,170 | $12,110 | |||
2019 | 17,880 | 20,980 | 13,990 | |||
2020 | 20,180 | 25,060 | 17,120 |
(b) Determine net income to be reported for 2018, 2019, and 2020, after giving effect to the change in accounting principle.
Net Income | ||
---|---|---|
2018 | $Enter a dollar amount | |
2019 | $Enter a dollar amount | |
2020 | $Enter a dollar amount |
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