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In 2022, Kimberly 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   $78,600   $87,400 2020   84,000   88,900 2021   86,800   90,600 2022   92,800   92,200 (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.     Net Income 2019   $  2020   $  2021   $  2022   $

In 2022, Kimberly 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   $78,600   $87,400 2020   84,000   88,900 2021   86,800   90,600 2022   92,800   92,200 (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.     Net Income 2019   $  2020   $  2021   $  2022   $

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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In 2022, Kimberly 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   $78,600   $87,400
2020   84,000   88,900
2021   86,800   90,600
2022   92,800   92,200

(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.


   
Net Income
2019   $ 
2020   $ 
2021   $ 
2022   $ 
 
 
 
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