In 2015, Fischer Corporation changed its method of inventory pricing from LIFO t

Question

In 2015, Fischer 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

2012 $86,802 $95,127

2013 93,795 97,791

2014 96,570 101,454

2015 102,675 102,897

Indicate the net income that would be shown on comparative financial statements issued at 12/31/15 for each of the four years, assuming that the company changed to the FIFO method in 2015

. Net Income

$2012

$ 2013

$ 2014

$ 2015

Explanation / Answer

Net Income

2012 - $95127

2013 - $97791

2014 - $101454

2015 - $102897

(Retrospectic restatement)

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