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How much should be the net income under the revised policy

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Reference no: EM133078641

Question - In 2020, A. Company used FIFO to in measuring its inventories. The Company decided to change to Weighted Average costing at the start of 2021.

Additionally, the following information is provided to you:

 

2021

2020

Inventory, 12/31 FIFO

5,400,000

4,800,000

Inventory, 12/31 WA

6,100,000

4,570,000

If the net income of A in 2021 is P2,500,000 under FIFO, how much should be the net income under the revised policy?

Reference no: EM133078641

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