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Swifty Company began operations in 2018 and for simplicity reasons, adopted weighted average pricing for...

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Accounting

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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 FIFO Year 2018 2019 2020 Weighted- Average $373,400 399,700 418,200 $413,100 439,300 474.100 Assume a 35% tax rate in all years. What is Swifty's net income in 2020? Net Income $ Textbook and Media Compute the cumulative effect of the change in accounting principle from weighted average to FIFO inventory pricing. Net effect $ e Textbook and Media Show comparative income statements for Swifty Company, beginning with income before income tax, as presented on the 2020 income statement 2020 2019 2018 Income before income tax S $ Income tax Net income $ e Textbook and Media

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