Question: Compute the approximate income if inventory had been valued at approximate current cost. LIFO reserves: Rhodes Company Reported year for analysis, 2008 2008 Net income

Compute the approximate income if inventory had been valued at approximate current cost.

LIFO reserves: Rhodes Company Reported year for analysis, 2008 2008 Net income as reported $ 90,200,000 2008 Inventory reserve 50,000,000 2007 Inventory reserve 46,000,000 2008 Income taxes 55,000,000 2008 Income before income taxes 145,200,000

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