Question: Current Attempt in Progress During 2022, Marigold Company changed from FIFO to weighted-average inventory pricing. Pretax income in 2021 and 2020 (Marigold's first year
Current Attempt in Progress During 2022, Marigold Company changed from FIFO to weighted-average inventory pricing. Pretax income in 2021 and 2020 (Marigold's first year of operations) under FIFO was $137,600 and $154,800, respectively. Pretax income using weighted-average pricing in the prior years would have been $124,700 in 2021 and $146,200 in 2020. In 2022. Marigold Company reported pretax income (using weighted-average pricing) of $154,800. Show comparative income statements for Marigold Company, beginning with "Income before income tax," as presented on the 2022 income statement. (The tax rate in all years is 30%) Income before income tax $ Income tax Net Income 2022 2021 $ $ $ 2020
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
