need correct answer for d 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 d with everything Sarasota Company began opera
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: need correct answer for d 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 f