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5. For Control Furniture Co., LIFO reserve in Year 2006 LIFO reserve in Year 2005 Tax Rate is 35%. $91 million $82 million To restate
5. For Control Furniture Co., LIFO reserve in Year 2006 LIFO reserve in Year 2005 Tax Rate is 35%. $91 million $82 million To restate Year 2006 LIFO inventories to a FIFO basis, we use the following analytical entry: 31.85 59.15 35.65 55.35 A) Inventories Deferred Tax Payable Retained Earnings B) Inventories Deferred Tax Payable Retained Earnings C) Inventories Deferred Tax Payable Retained Earnings D) Inventories Deferred Tax Payable Retained Earnings 38.96 52.04 32.85 58.15 5. For Control Furniture Co., LIFO reserve in Year 2006 LIFO reserve in Year 2005 Tax Rate is 35%. $91 million $82 million To restate Year 2006 LIFO inventories to a FIFO basis, we use the following analytical entry: 31.85 59.15 35.65 55.35 A) Inventories Deferred Tax Payable Retained Earnings B) Inventories Deferred Tax Payable Retained Earnings C) Inventories Deferred Tax Payable Retained Earnings D) Inventories Deferred Tax Payable Retained Earnings 38.96 52.04 32.85 58.15
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