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I am struggling with the equations for part 2: Here's the info and then the answers I keep getting but that says are not right.
I am struggling with the equations for part 2: Here's the info and then the answers I keep getting but that says are not right.
Rockwell Corporation uses a periodic inventory system and has used the FIFO cost method since inception of the company in 1979. In 2024, the company decided to switch to the average cost method. Data for 2024 are as follows: Additional Information: a. The company's effective income tax rate is 25% for all years. b. If the company had used the average cost method prior to 2024 , ending inventory for 2023 would have been $130,000. c. 7,000 units remained in inventory at the end of 2024 . 2. What is the effect of the change in methods on 2024 net income? Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. What is the effect of the change in methods on 2024 net incomeStep by Step Solution
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