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101 . The Yano Company reported merchandise inventory at LIFO of $450 , 000 on the year -end financial statements . The company also reported
101 . The Yano Company reported merchandise inventory at LIFO of $450 , 000 on the year -end financial statements . The company also reported a LIFO reserve of $34 , 000 . An estimateof the inventory balance if the inventory had been reported using the FIFO assumption isA . $382 , 000 .B. $ 4 16, 000 .C. $461 , 000 .D. $ 48 4, 000 Step by Step Solution
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Accounting Information Systems
Authors: Marshall B. Romney, Paul J. Steinbart
12th edition
132552620, 978-0132552622
