Homework Help With Chege Study i (5,930 unread) -kylereyna33@yahoo.com - Yahoo Mail eBook Calculator 2018 $ 115,000 57,500 2019 $ 124,000 $ 62,000 3. Recompute Lemon's net income for 2017-2019, using LIFO and 10% depreciation. (Don't forget the tax impact of the increases in cost of goods sold and depreciation expense.) Net income 2017 330,750 X 2018 446,250 2019 464,250 4. Conceptual Connection: Has Lemon appeared to materially changed its financial statements by the selection of FIFO (rather than LIFO) and 5% rather than 10%) depreciation? Yes 7 Check My Won NAL l 1. Beginning inventory + Purchases - Ending inventory amounts Beginning inventory.p Cost of goods sold. Calculate cost of goods sold for both LIFO and Fil 2. Determine for all three years depreciation expense at 10% and 5% by multiplying the percentage by the depreciable assets 3. Recalculate net income for all three years with LIFO inventory cost of goods sold and 10% depreciation expense 4. Consider the impact the inventory costing method has on the bottom line as well as the amount of depreciation expense Check My Work 3 more Check My Work uses remaining Next > All work saved Email Instructor Save and Exit Submit Assignment for Grading