Question: During 2011, Jasim Company changed from FIFO to weighted-average inventory pricing. Pre-tax income in 2010 and 2009 (Jasims first year of operation) under FIFO was

  1. During 2011, Jasim Company changed from FIFO to weighted-average inventory pricing. Pre-tax income in 2010 and 2009 (Jasims first year of operation) under FIFO was $160,000 and $180,000 respectively. Pre-tax income using weighted-average pricing in the prior would have been, $145,000 in 2010 and $170,000 in 2009. In 2011, Jasim Company reported pre-tax income (using Weighted-average Pricing) of $190,000. Show comparative income statement for Jasim company beginning with income before income tax, as presented on the income statement. (The tax rate in all years is 30%).

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