The statement of comprehensive income of Bottom, a manufacturing company, for the year ending 31 January 20X2 is as follows:
Bottom
$000
Revenue ......... 75,000
Cost of sales ...... (38,000)
Gross profit ....... 37,000
Other operating expenses . (9,000)
Profit from operations ... 28,000
Investment income
Finance cost ...... (4,000)
Profit before tax ..... 24,000
Income tax expense ... (7,000)
Net profit for the period .. 17,000

Note €“ accounting policies
Bottom has used the LIFO method of inventory valuation but the directors wish to assess the implications of using the FIFO method. Relevant details of the inventories of Bottom are as follows:

Requirement:
Re-draft the statement of comprehensive income of Bottom using the FIFO method of inventory valuation and explain how the change would need to be recognised in the published financial statements, ifimplemented.

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Date hventory valuation under: FIFO $000 I February 20XI 9500 January 20X2 0,200 LIFO $000 9,000 9,300