Sarasota Company began operations in 2015 and for simplicity reasons, adopted weighted-average pricing for inventory. In 2017, in accordance with other companies in its industry, Sarasota changed its inventory pricing to FIFO. The pretax income data is reported below. Year Weighted-Average 2015 2016 2017 FIFO $399,600 438,900 465,500 $383,800 404,000 427,400 what is Sarasota's net income in 2017? Assume a 35% tax rate in all years. Net Income LINK TO TEXT Compute the cumulative effect of the change in accounting principle from weighted-average to FIFO inventory pricing. Net effect RA
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