(Solution) - During 2008 Lebron James Company changed from FIFO to weighted a -(2025 Original AI-Free Solution)

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During 2008 Lebron James Company changed from FIFO to weighted-average inventory pricing. Pretax income in 2007 and 2006 (James?s first year of operations) under FIFO was $160,000 and $180,000, respectively. Pretax income using weighted-average pricing in the prior years would have been $145,000 in 2007 and $170,000 in 2006. In 2008, Lebron James Company reported pretax income (using weighted-average pricing) of $190,000. Show comparative income statements for Lebron James Company, beginning with ?Income before income tax,? as presented on the 2008 income statement. (The tax rate in all years is 30%.)