Ivanhoe Company began operations in 2015 and for simplicity reasons, adopted weighted-average pricing for inventory. In 2017, in accordance with other companies in its industry, Ivanhoe changed its inventory pricing to FIFO. The pretax income data is reported below.
Year Weighted-Average FIFO
2015 $384,700 $399,100
2016 $398,400 $422,600
2017 $426,600 $467,100
What is Ivanhoe’s net income in 2017? Assume a 35% tax rate in all years.
| Particulars | Amount |
| Pretax income in 2017 – FIFO | 467100 |
| less : income tax(467100*35%) | 163485 |
| Net income -2017(467100-163485) | 303615 |
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