Tim Mattke Company began operations in 2018 and for simplicity reasons, adopted weighted-average pricing for inventory. In
Question:
Tim Mattke Company began operations in 2018 and for simplicity reasons, adopted weighted-average pricing for inventory. In 2020, in accordance with other companies in its industry, Mattke changed its inventory pricing to FIFO. The pretax income data is reported below.
Instructions
a. What is Mattke?s net income in 2020? Assume a 20% tax rate in all years.
b. Compute the cumulative effect of the change in accounting principle from weighted-average to FIFO inventory pricing.
c. Show comparative income statements for Tim Mattke Company, beginning with income before income tax, as presented on the 2020 income statement.
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a 2020 Income before income tax 450000 Income tax 20 X ...View the full answer
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Related Book For 
Intermediate Accounting
ISBN: 978-1119503668
17th edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfiel
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