Question

Blago Wholesale Company began operations on January 1, 2014, and uses the average cost method in costing its inventory. Management is contemplating a change to the FIFO method in 2015 and is interested in determining how such a change will affect net income. Accordingly, the following information has been developed:


Condensed income statements for Blago Wholesale appear below:



Required:
Based on this information, what would 2015 net income be after the change to the FIFO method? Ignore any income tax effects of this change in accountingmethod.


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  • CreatedSeptember 10, 2014
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