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Question 19 In 2022, Maria Corporation changed its method of inventory pricing from LIFO to FIFO. Net income computed on a LIFO as compared to
Question 19 In 2022, Maria 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 $79,800 $87,600 2020 84,700 88,500 2021 86,800 90,500 2022 92,300 92,800 2019 v (a) ZYour answer has been saved and sent for grading. See Gradebook for score details. 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 87,600 2020 $ 88,500 2021 90,500 2022 92,800 Attempts: 1 of 1 used (b) 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, $90,300; 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 $
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