In 2020, Bevins Company decided to change from LIFO to FIFO due to better representation of the flow of inventory and costs. Bevins started the business in 2018. Bevin’s tax rate is 35%. The following analysis was provided by management: Ending Inventory LIFO FIFO Net Income 12/31/2018 $375,650 $405,900 975,000 12/31/2019 $360,450 $410,750 1,350,000 12/31/2020 $365,975 $445,775 1,389,500
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|
Ending Inventory
|
LIFO
|
FIFO
|
Net Income
|
| 12/31/2018 | $375,650 | $405,900 | 975,000 |
| 12/31/2019 | $360,450 | $410,750 | 1,350,000 |
| 12/31/2020 | $365,975 | $445,775 | 1,389,500 |
| 1. | Prepare the |
| 2. | What amount of net income would Bevins report in 2018, 2019, and 2020? |
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