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question. Answer any two (2) of the following three questions. Each is 15 points. Total:...

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Accounting

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question. Answer any two (2) of the following three questions. Each is 15 points. Total: 30 points. s1. Harrison Company, Inc. began operations on January 1,2017, and applied the LIFO method for inventory valuation. On June 10, 2018, Harrison adopted the FIFO method of accounting for inventory. Additional information is as follows: Cost of goods sold FIFO Cost of goods sold LIFO S 20,000 Net Income Before Change in Principle First quarter 2017 Second quarter 2017 Third quarter 2017 Fourth quarter 2017 525,000 32,000 600,000 575,000 650,000 20,000 20,000 20,000 29,000 27,000 2.350.000113.000- S 23,000 s 750,000 21,000 $ 20,000 S 20,000 700,000 First quarter 2018 Second quarter 2018 LIFO method was applied during the first quarter of 2018 and the FIFO method was applied during the d quarter of 2018 in computing income, above. Harrison's effective income tax rate is 40 percent. Harrison The secon has 500,000 shares of common stock outstanding at all times. 29) Prepare a schedule showing the calculation of net income and earnings per share to be reported by Harrison for the three-month period and the six-month period ended June 30, 2017 and 2018

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