Question

Marigold 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, Marigold changed its inventory pricing to FIFO. The pretax income data is reported below.

Year		Weighted-Average			FIFO
2018		$378,100			$412,600
2019		401,700			434,200
2020		429,600			464,300

Show comparative income statements for Marigold Company, beginning with income before income tax, as presented on the 2020 income statement.

		2020		2019		2018
Income before income tax		$enter a dollar amount enter a dollar amount		$enter a dollar amount enter a dollar amount		$enter a dollar amount enter a dollar amount
Income tax		enter a dollar amountenter a dollar amount		enter a dollar amountenter a dollar amount		enter a dollar amountenter a dollar amount
Net income		$enter a dollar amount enter a dollar amount		$enter a dollar amount enter a dollar amount		$enter a dollar amount enter a dollar amount

Answer 1

Tax rate not Provided in Question, So assuming either as 35% or 20% I have Calculated . If any Tax rate other than this. Please Commnet. I will Upadte the Answer:
Assuming Tax rate of 20%	2020	2019	2018
Income before income tax	$ 464,300	$ 434,200	$ 412,600
Income tax - @ 20%	($ 92,860)	($ 86,840)	($ 82,520)
Net income	$ 371,440	$ 347,360	$ 330,080
Assuming Tax rate of 35%	2020	2019	2018
Income before income tax	$ 464,300	$ 434,200	$ 412,600
Income tax	($ 162,505 )	($ 151,970)	($ 144,410)
Net income	$ 301,795	$ 282,230	$ 268,190