The management of Utrillo Instrument Company had concluded, with the concurrence of its independent auditors, that results

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The management of Utrillo Instrument Company had concluded, with the concurrence of its independent auditors, that results of operations would be more fairly presented if Utrillo changed its method of pricing inventory from last-in, first-out (LIFO) to average-cost in 2017. Given below is the 5-year summary of income under LIFO and a schedule of what the inventories would be if stated on the average-cost method.
The management of Utrillo Instrument Company had concluded, with the

Instructions
Prepare comparative statements for the 5 years, assuming that Utrillo changed its method of inventory pricing to average-cost. Indicate the effects on net income and earnings per share for the years involved. Utrillo Instruments started business in 2012. (All amounts except EPS are rounded up to the nearest dollar.)

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Intermediate Accounting

ISBN: 978-1118742976

16th edition

Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield

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