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2006 2005 COGS $2,500,000 $2,000,000 $180,000 $140,000 Inventory $125,000 $100,000 Net Income Retained Earnings $500,000 $400,000 $40,000 $30,000 LIFO Reserve Tax Rate 40% 40% If
2006 2005 COGS $2,500,000 $2,000,000 $180,000 $140,000 Inventory $125,000 $100,000 Net Income Retained Earnings $500,000 $400,000 $40,000 $30,000 LIFO Reserve Tax Rate 40% 40% If Manufacturer used FIFO its Net Income for fiscal 2006 would be: $131,000 $135,000 $149,000 $165,000
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