Question: kindly, slove question QUESTION 7 Problem 2: Below is the net income of XYZ Sports Co., computed under the two inventory methods FIFO Average Cost

kindly, slove question kindly, slove question QUESTION 7 Problem 2: Below is the net income

QUESTION 7 Problem 2: Below is the net income of XYZ Sports Co., computed under the two inventory methods FIFO Average Cost 2012 26.000 23.000 2013 30,000 25,000 2014 29.000 27.000 2015 34.000 30.000 Instructions a. Assume that in 2015 XYZ decided to change from the FIFO method to the average cost method of pricing Prepare the journal entry necessary for the change that took place during 2015, and show net income reported for 2012, 2013, 2014, and b. Assume that in 2015 XYZ which had been using the averag hnd since 2012. changed to the FIFO method of pricing inventories. Prepare the journal entry necessary to record the change... me reported for 2012, 2013, 2014, and 2015

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