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In 2022, Lisa Corporation changed its method of inventory pricing from LIFO to FIFO. Net Income computed on a LIFO as compared to a FIFO
In 2022, Lisa 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.) 2019 2020 2021 2022 LIFO $78,800 85,000 87,300 92,600 FIFO $87,300 88,800 90,300 92,600 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. Net Income 2019 2020 2021 $ 2022 Assume that the company had switched from the average cost method to the FIFO method with net income on an average cost basis for the four years as follows: 2019, $80,400; 2020, $86,120; 2021, 590,300, and 2018, $93,600. Indicate the net income that would be shown on comparative financial statements issued at 12/31/22 for each of the four years under these conditions. Net Income 2019 2020 2021 $ 2022 Assuming that the company switched from the FIFO to the UFO method, what would be the net income reported on comparative financial statements issued at 12/31/22 for 2019, 2020, and 2021? Net Income 2019 $ 2020 2021 In 2022, Lisa 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.) 2019 2020 2021 2022 LIFO $78,800 85,000 87,300 92,600 FIFO $87,300 88,800 90,300 92,600 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. Net Income 2019 2020 2021 $ 2022 Assume that the company had switched from the average cost method to the FIFO method with net income on an average cost basis for the four years as follows: 2019, $80,400; 2020, $86,120; 2021, 590,300, and 2018, $93,600. Indicate the net income that would be shown on comparative financial statements issued at 12/31/22 for each of the four years under these conditions. Net Income 2019 2020 2021 $ 2022 Assuming that the company switched from the FIFO to the UFO method, what would be the net income reported on comparative financial statements issued at 12/31/22 for 2019, 2020, and 2021? Net Income 2019 $ 2020 2021
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