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Problem
Bramble Company began operations in 2015 and for simplicity reasons, adopted weighted-average pricing for inventory. In 2017, in accordance with other companies in its industry, Bramble changed its inventory pricing to FIFO. The pretax income data is reported below.
Year
Weighted-Average
FIFO
2015
$387,100
$402,400
2016
392,500
422,000
2017
430,800
463,500
(a) What is Bramble's net income in 2017? Assume a 35% tax rate in all years.
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