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I can not figure out net income I have tried 4266.05 and 4746 and 4269.05. Reformulating Balance Sheet and Income Statement Items for LIFO to
I can not figure out net income I have tried 4266.05 and 4746 and 4269.05.
Reformulating Balance Sheet and Income Statement Items for LIFO to FIFO In its December 2016 10-K, Lyondell Basell Industries reported the following information (S millions). Cost of LIFO Increase in Total Net Goods Sold Inventories Reserve LIFO Reserve Assets Income $3,920 $610 $537 $24,553 $3,948 $23,238 Reformulate the account balance for the following financial statement items assuming the company used FIFO instead of LIFO for its inventory costing method. The company has a 35% tax rate. Account Balance a. Inventories 4,530 b. Total assets 25,163 c. Cost of goods sold $ 22,701 d. Net income 4,485Step by Step Solution
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