need correct answer for all with everything Sarasota Company began operations on July 1, 2015, and has used the average-cost method of inventory valuation since its inception.In 2019, it decides to switch to the FIFO method. You are provided with the following information:2015201620172018Net IncomeUnder Average-Cost$56,000119,000164,000111,000Under FIFO$60,000129,000188,000116,000Retained Earnings(Ending Balance)Under Average Cost$57,000184,000305,000416,000 (a) What is the beginning retained earnings balance at January 1, 2016, if Sarasota prepares comparative financial statements startingin 2018?Retained earnings, January 1Retained earnings, January 1(b) What is the beginning retained earnings balance at January 1, 2018, if Sarasota prepares comparative financial statements startingin 2018?LARetained earnings, January 1GANot Income60000(c) What is the beginning retained earnings balance at January 1, 2019, if Sarasota prepares comparative financial statements startingin 2019?355000115000(d) What is the net income reported by Sarasota in the 2018 income statement if it prepares comparative financial statements startingwith 2016?445000

Name: need correct answer for all with everything Sarasota Company began ope
Uploaded: 2024-03-20T06:32:37.000Z
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Description: need correct answer for all with everything Sarasota Company began operations on July 1, 2015, and has used the average-cost method of inventory valuation since its inception.In 2019, it decides to switch to the FIFO method. You are provided with the

A change in inventory valuation method is a change in accounting policy and therefore retrospective…

Business

Accounting

Sarasota Company began operations on July 1, 2015, and has used the average-cost method of inventory valuation since its inception. In 2019, it decides to switch to the FIFO method. You are provided with the following information: 2015 2016 2017 2018 Net Income Under Average-Cost $56,000 119,000 164,000 111,000 Under FIFO $60,000 129,000 188,000 116,000 Retained Earnings (Ending Balance) Under Average Cost $57,000 184,000 305,000 416,000