Question: First-in, first-out has been used for inventory valuation by the Bartlett Co. since it was organized in 2010. 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 2010. Using the data that follow, redetermine the net incomes for each year on the assumption of inventory valuation on the last-in, first-out basis:

2010 2011 2012 2013 Reported net income FIFO basis $22,300 $42,400 61,350 58,200 44,300 89,900 112,000 125,000 80,000 114,300 35,100 65,300

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