Transcribed Image Text: 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

Transcribed Image Text: 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%)

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