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Below is the net income of Peter Fans Co., a private corporation, computed under the two inventory methods using a periodic system.
FIFO Average Cost
2012 $26,000 $23,000
2013 $30,000 $25,000
2014 $29,000 $27,000
2015 $34,000 $30,000
(Ignore tax considerations.)
Required:
Question 1: Assume that in 2015 Peter Frans 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 2015, and show net income reported for 2012, 2013, 2014, and 2015
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