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Exercise 4-14 Swifty Company began operations in 2018 and for simplicity reasons, adopted weighted average pricing for inventory. In 2020, in accordance with other companies in its industry, Swifty changed its inventory pricing to FIFO. The pretax income data is reported below. Weighted Year Average FIFO 2018 $373,400 $413,100 2019 399,700 439,300 2020 418,200 474,100 Assume a 35% tax rate in all years. What is Swifty's net income in 2020? Net Income $ Compute the cumulative effect of the change in accounting principle from weighted average to FIFO Inventory pricing Net effect Show comparative Income statements for Swifty Company, beginning with come before income tax as presented on the 2020 income statement 2020 2019 2018 Income before income tax What is Swifty's net income in 2020? Net Income Compute the cumulative effect of the change in accounting principle from weighted average to FIFO inventory pricing. Net effect $ Show comparative income statements for Swifty Company, beginning with income before income tax, as presented on the 2020 Income statement. 2020 2019 2018 Income before income tax Income tax Net Income Click if you would like to Show Work for this question: Qen Show Work