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In 2022, Karen Corporation changed its method of inventory pricing from LIFO to FIFO. Net income computed on a LIFO as compared to a
In 2022, Karen 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 2019 $78,800 $87,200 2020 84,400 88,700 2021 86,300 90,000 2022 92,400 92.500 (a) Indicate the net income that would be shown on comparative financial statements issued at 12/31/22 for each of the four years, assuming that the company changed to the FIFO method in 2022. 2019 $ Net Income
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