Question: First-in, first-out has been used for inventory valuation by the Bartlett Co. since it was organized in 2008. Using the data that follow, redetermine the

First-in, first-out has been used for inventory valuation by the Bartlett Co. since it was organized in 2008. Using the data that follow, redetermine the net incomes for each year on the assumption of inventory valuation on the last-in, first-outbasis:

2008 2009 2010 2011 $22.300 $42400 $6350 58.200 Reported net income FIFO basis Reported ending inventories-FAIFO basis Ending inventories-LIFO basis 44300 89.900 2000 25,000 35,100 65,300 80,000 113.000

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