Question: Compute the approximate income if inventory had been valued at approximate current cost. LIFO reserves: Lion Company Reported year for analysis, 2007 2007 Net income

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

LIFO reserves: Lion Company Reported year for analysis, 2007 2007 Net income as reported $45,000,000 2007 Inventory reserve 20,000,000 2006 Inventory reserve 28,000,000 2007 Income taxes 14,000,000 2007 Income before income taxes 59,000,000

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