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Lur Attempt in Progress Swifty Company began operations in 2018 and for simplicity reasons, adopted...

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Accounting

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Lur Attempt in Progress Swifty Company began operations in 2018 and for simplicity reasons, adopted weighted average pricing for inventory. In 2020, in accordance with other companies in its industry, Swifty changed its inventory pricing to FIFO. The pretax income data is reported below. Year 2018 2019 2020 Weighted Average $373,400 399.700 418.200 FIFO $413.100 439 300 474,100 Assume a 35% tax rate in all years, Your answer is correct x Your answer is incorrect Compute the cumulative effect of the change in accounting principle from weighted average to FIFO inventory pricing Net effect $ 87880 Textbook and Media

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