Score: 1.67 of 10 pts 1 of 2 (1 complete) HW Score: 8 33%, 1 E21-1 (book/static) EQuestio Massi Pharmacies, Inc started operations on January 1,2011. The company initially used The following information is available for net income after tax for both the FIFO the average-cost method to value its inventory for both book and tax purposes. Effective average-cost methods January 1, 2015, Massi elected to change its inventory valuation method to the FIFO basis for financial reporting purposes. Massi stll uses the average-cost method on the company's tax returns. Massi is subject to a 35% tax rate. E (Click the icon to view net income after tax for both methods.) ue: ast Work urrent S ttemptsinventory Read the requirements. Accoum January 1, 2015 540,000 Attempts: i Net Income After Tax Table Retained Earnings Deferred Tax Liability 351,000 189,000 E21-1 Net Income Average Cost Requirement b. Prepare the partial comparative income statements for the three years ending De Year Ended December 31, 2011235,000 $ 310,000 December 31, 2012 300,000 376,000 December 31, 2013 310,000 $ 400,500 December 31, 2014 425,500 535,000 December 31,2015 500,000 $ 585,000 FIFO Massi Pharmacies, Inc. Comparative Income Statements (Partial) For the years ended December 31 see what OK 2014 Restated 2013 Restated 2015 Income before tax 585 35,000 400,500 s course (AC Income tax expense yright 2017Net income after tax Print Done Enter any number in the edit fields and then click Check Answer emaining Clear All Check