Q 2. During 2015, Al Hamid Trading Company changed its inventory pricing from weighted-average to FIFO. The pretax income data is reported below. Year Weighted-Average FIFO 2013 OMR 370,000 OMR 395,000 2014 390,000 420,000 In 2015, Al Hamid Trading Company reported pre-tax income (using FIFO pricing) of OMR 460,000. Instructions Show comparative income statements for Al Hamid Trading Company, beginning with "Income before income tax," as presented on the 2015 income statement. (The tax rate in all years is 30%)

Q 2. During 2015, Al Hamid Trading Company changed its inventory pricing from weighted-average to FIFO. The pretax income data is reported below. Year Weighted-Average FIFO 2013 OMR 370,000 OMR 395,000 2014 390,000 420,000 In 2015, Al Hamid Trading Company reported pre-tax income (using FIFO pricing) of OMR 460,000. Instructions Show comparative income statements for Al Hamid Trading Company, beginning with "Income before income tax," as presented on the 2015 income statement. (The tax rate in all years is 30%)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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