Question: Question 4 of 11 2015 2016 Sage Company started operations on January 1, 2015, and has used the FIFO method of inventory valuation since its

Question 4 of 11 2015 2016 Sage Company started operations on January 1, 2015, and has used the FIFO method of inventory valuation since its inception. In 2021, it decides to switch to the average-cost method. You are provided with the following information. 2017 2018 2019 2020 Under FIFO $95,600 73,400 90,000 113,600 315,500

since its inception. In 2021, it decides to switch to the average-cost

Sage Company started operations on January 1,2015 , and has used the FIFO method of inventory valuation since its inception. 2021, it decides to switch to the average-cost method. You are provided with the following information. (a) What is the beginning retained earnings balance at January 1,2017, if Sage prepares comparative financial statements starting in 2017 ? Retained earnings, January 1 (b) What is the beginning retained earnings balance at January 1,2020, if Sage prepares comparative financial statements starting in 2020 ? Retained earnings, January 1 (c) What is the beginning retained earnings balance at January 1,2021, if Sage prepares single-period financial statements for 2021 ? Retained earnings, January 1 d) What is the net income reported by Sage in the 2020 income statement if it prepares comparative financial statements 5 vith 2018? Sage Company started operations on January 1,2015 , and has used the FIFO method of inventory valuation since its inception. 2021, it decides to switch to the average-cost method. You are provided with the following information. (a) What is the beginning retained earnings balance at January 1,2017, if Sage prepares comparative financial statements starting in 2017 ? Retained earnings, January 1 (b) What is the beginning retained earnings balance at January 1,2020, if Sage prepares comparative financial statements starting in 2020 ? Retained earnings, January 1 (c) What is the beginning retained earnings balance at January 1,2021, if Sage prepares single-period financial statements for 2021 ? Retained earnings, January 1 d) What is the net income reported by Sage in the 2020 income statement if it prepares comparative financial statements 5 vith 2018

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