Question: During 2012, Williamson Company changed from FIFO to weighted-average inventory pricing. Pretax income in 2011 and 2010 (Williamsons first year of operations) under FIFO was

During 2012, Williamson Company changed from FIFO to weighted-average inventory pricing. Pretax income in 2011 and 2010 (Williamson’s first year of operations) under FIFO was $160,000 and $180,000, respectively. Pretax income using weighted-average pricing in the prior years would have been $145,000 in 2011 and $170,000 in 2010. In 2012, Williamson Company reported pretax income (using weighted-average pricing) of $180,000. Show comparative income statements for Williamson Company, beginning with “Income before income tax,” as presented on the 2012 income statement. (The tax rate in all years is 30%.)

Step by Step Solution

★★★★★

3.53 Rating (177 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

2012 2011 2010 Income bef... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Document Format (1 attachment)

51-B-A-I-S (85).docx

120 KBs Word File

Students Have Also Explored These Related Accounting Questions!

During 2008 Lebron James Company changed from FIFO to weighted-average inventory pricing. Pretax income in 2007 and 2006 (Jamess first year of operations) under FIFO was $160,000 and $180,000,...

During 2019, Williamson Company changed from FIFO to weighted-average inventory pricing. Pretax income in 2018 and 2017 (Williamson's first year of operations) under FIFO was $160,000 and $180,000,...

During 2014, Williamson Company changed from FIFO to weighted-average inventory pricing. Pretax income in 2013 and 2012 (Williamson's first year of operations) under FIFO was $160,000 and $180,000,...

during 2 0 2 5 6 , oriole company changed from fifo to weighted - average inventory pricing. pretax income in 2 0 2 4 and 2 0 2 3 ( oriole ' s first year of operations ) under fifo was 1 6 7 , 2 7 0...

During 2017, Williamson Company changed from FIFO to weighted-average inventory pricing. Pretax income in 2016 and 2015 (Williamsons first year of operations) under FIFO was $160,000 and $180,000,...

During 2014, Williamson Company changed from FIFO to weighted-average inventory pricing. Pretax income in 2013 and 2012 (Williamsons first year of operations) under FIFO was $166,800 and $197,500,...

Hello Accounting Experts, I would like help with the following accounting homework problem: During 2010 Williamson company changed from Fifo to weighted-average inventory pricing. Pretax income in...

During 2010 Williamson Company changed from FIFO to weighted-average inventory pricing. Pretax income in 2009 and 2008 (Williamson's first year of operations) under FIFO was $160,000 and $180,000,...

Brief Exercise 4-6 During 2014, Williamson Company changed from FIFO to weighted-average inventory pricing. Pretax income in 2013 and 2012 (Williamson?s first year of operations) under FIFO was...

A uniform circular disk of mass 24.0 g and radius 40.0 cm hangs vertically from a fixed, frictionless, horizontal hinge at a point on its circumference. A horizontal beam of electromagnetic radiation...

On April 1, 2021, MNO Company borrowed $15,000 on an 8% note payable. The maturity date of the note (and payment of all interest) is July 1, 2022. The accounting period ends December 31. Assume no...

Benny, who lives in Carthage, Mississippi, invested in a Microsoft 1 0 - year bond with a 2 % coupon payment, paid semi - annually. Benny is least likely subject to:

1. Which course Chang is taking? 2. Which course Anderson taught in Spring 08? 3. Which student get A Grade in which course? 4. What is prerequisite of CS3380? 5. How many sections in fall 08? 6....

A bicyclist leaves from her home at 9am and rides to a beach 40 miles away. Because of a breeze off the ocean, the temperature at the beach remains 60 degrees F throughout the day. At the cyclist's...

In general, it’s very difficult to create a good WBS (Work Break Down Structure) and a project schedule because they depend on (and also affect) many factors such as project framework, project...

Question 11: What are the major functions of male accessory ducts and glands?

Carbon dioxide, CO 2 , is a compound of carbon and oxygen. Does this mean that a sample of pure carbon dioxide can be considered to be a solution of carbon dissolved in oxygen? Explain your answer.

Where can authoritative iGAAP related to the accounting for taxes be found?

Briefly describe some of the similarities and differences between U.S. GAAP and iGAAP with respect to income tax accounting.

Describe the current convergence efforts of the FASB and IASB in the area of accounting for taxes.

1. True/False: Process mapping is primarily used to model relational databases. 2. True/False: When collecting information for a process map, the one-on-one interview method is generally preferred...

The balance sheet of Heitman Management Consulting, Inc. at December 31, 2015, reported the following stockholders' equity: (Click the icon to view the stockholders' equity section of the balance...

FCOJ Inc., a prominent consumer products firm is debating whether to convert its all-equity capital structure to one that is 35 percent debt. Currently there are 5.000 shares outstanding and the...