Reference no: EM132786171

Question - In 2022, Karen Corp. changed method of inventory pricing from LIFO to FIFO. (Ignoring income taxes), the net income computed on a LIFO as compared to a FIFO basis for the four years involved was

	LIFO	FIFO
2019	$78,900	$87,300
2020	$84,500	$88,800
2021	$86,900	$90,300
2022	$92,900	$92,900

The net income showed on comparative financial statement issued 12/31/22 for each year, assuming the company changed to the FIFO method in 2022 was as follows:

2019 - $87,300

2020 - $88,800

2021 - $90,300

2022 - $92,900

Assuming the company switched from the average cost method to the FIFO method with net income on an average cost basis for the four years as follows:

2019 - $80,400

2020 - $86,120

2021 - $90,300

2018 - $93,600

The net income on a comparative financial statement issued 12/31/22 for each of the four years under these conditions was as follows:

2019 - $87,300

2020 - $88,800

2021 - $90,300

2022 - $92,900

Assuming the company switched from FIFO to the LIFO method what would the net income reported on comparative financial statements issued at 12/31/22 be for the years 2019, 2020, and 2021?