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Determine the net income to be reported

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Reference no: EM132532416

Question - Coolangatta Corporation began operations on January 1, 2015, and uses the FIFO method of pricing inventory. The company is considering a change in inventory methods for 2018. The following information is available for 2015-2017.

 

Net Income Computed Using

 

Average Cost

FIFO

LIFO

2015

$15,000

$19,000

$11,000

2016

18,000

22,000

14,000

2017

21,000

25,000

20,000

Instructions -

1. Prepare the journal entry necessary to record a change from the FIFO method to the LIFO method in 2018.

2. Determine the net income to be reported for 2015, 2016 and 2017, after the change to the LIFO method in 2018.

Reference no: EM132532416

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