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Bomb Voyage Company started business on January 1, 2017 and elected to use the LIFO cost method of inventory valuation. Its 2017 ending inventory was
Bomb Voyage Company started business on January 1, 2017 and elected to use the LIFO cost method of inventory valuation. Its 2017 ending inventory was $170,000, but it would have been $180,000 if FIFO had been used. If income before taxes is $100,000 under LIFO, what would Bomb Voyage's income before taxes have been if FIFO had been used instead?
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