Practice Brief Exercise 4-5 During 2017, Metlock Inc. changed from LIFO to FIFO inventory pricing....
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Practice Brief Exercise 4-5 During 2017, Metlock Inc. changed from LIFO to FIFO inventory pricing. Metlock began operations in 2015 and its pretax income in 2016 and 2015 under LIFO was $520,000 and $602,000, respectively. Pretax income using FIFO pricing in the prior years would have been $554,000 in 2015 and $662,000 in 2016. In 2017, Metlock reported pretax income using FIFO pricing of $629,000. Show comparative income statements for Metlock beginning with wIncome before income tax," as presented n the 2017 income statement. The tax rate for all years is 30% 2017 2016 2015 Income before income tax Income tax Net Income LINK TO TEXT
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