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QUESTION 17 3.33 MAC Corp. had net income of $475,000 for 2016. The company's annual report contained the following statement: Inventory is valued using LIFO. If the FIFO method of inventory accounting had been used to value all inventories, they would have been $100,000 higher than reported ($75,000 higher at the previous year-end)." Assuming a tax rate of 40%, how much would net income have been if FIFO had been used? a. $460,000 b. $515,000 OC. $490,000 d. $485,000 O e $475,000 QUESTION 18 3.333 po JKL Company prepares its financial statements in accordance with GAAP. The company has inventory with a carrying amount of $1,500, a net realizable value of $1,300, and a current replacement cost of $1,250. What amount should JKL Company use to value its inventory on its balance sheet? O a $1,500 Ob. $1,300 OC. $1,250 Ae Click Save and Submit to save and submit. Click Save All Answers to save all answers. Save All Answers 20 000 FS F7 11 FB 79 * $ 4 3 % 5 & 7 6 8 9 0 E R. T Y U 0 P D F G H J K D