w are net income amounts as they would be determined by Roberti Steel Company by each of three different inventory costing methods ($ in thousands). FIFO Average Cost LIFO Pre-2023 $ 2,800 $ 2,540 $ 2,280 2023 750 600 540 $ 3,550 $ 3,140 $ 2,820 Assume that Roberti used FIFO before 2024, and then in 2024 decided to switch to LIFO. Assume accounting records are inadequate to determine LIFO information prior to 2024. Therefore, the 2023 ($540) and pre-2023 ($2,280) data are not available.
Shown below are net income amounts as they would be determined by Roberti Steel Company by each of three different inventory costing methods ($ in thousands).
| FIFO | Average Cost | LIFO | |
|---|---|---|---|
| Pre-2023 | $ 2,800 | $ 2,540 | $ 2,280 |
| 2023 | 750 | 600 | 540 |
| $ 3,550 | $ 3,140 | $ 2,820 |
Assume that Roberti used FIFO before 2024, and then in 2024 decided to switch to LIFO. Assume accounting records are inadequate to determine LIFO information prior to 2024. Therefore, the 2023 ($540) and pre-2023 ($2,280) data are not available. Prepare the
Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in thousands (i.e., 10,000 should be entered as 10).
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