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Tulip Company Decided to Change from LIFO to FIFO Inventory

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Tulip Company decided to change from LIFO to FIFO inventory costing, effective January 1, 2016. The following data were available:

Tulip Company decided to change from LIFO to FIFO inventory costing, effective January 1, 2016. The following data were available: The income tax rate is 35%. The company began operations on January 1, 2014, and has paid no dividends since inception. Required: Answer the following questions relating to the 2015-2016 comparative financial statements.

The income tax rate is 35%. The company began operations on January 1, 2014, and has paid no dividends since inception.
Required:
Answer the following questions relating to the 2015-2016 comparative financial statements. Tulip Company decided to change from LIFO to FIFO inventory costing, effective January 1, 2016. The following data were available: The income tax rate is 35%. The company began operations on January 1, 2014, and has paid no dividends since inception. Required: Answer the following questions relating to the 2015-2016 comparative financial statements.

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