Business, 30.04.2021 19:10, trinity7265

Below is the net income of Sheridan Instrument Co., a private corporation, computed under the three inventory methods using a periodic system. FIFO Average Cost LIFO 2018 $25,100 $22,300 $18,500 2019 30,900 25,700 21,700 2020 28,000 26,200 22,800 2021 33,200 28,900 25,900 (Ignore tax considerations.) (a) Assume that in 2021 Sheridan decided to change from the FIFO method to the average-cost method of pricing inventories. Prepare the journal entry necessary for the change that took place during 2021, and show net income reported for 2018, 2019, 2020, and 2021

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Below is the net income of Sheridan Instrument Co., a private corporation, computed under the three...