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In its financial statements KRJ reported (in $ thousands) net income of $100 and an effective tax rate of 27%. Total assets at the beginning
In its financial statements KRJ reported (in $ thousands) net income of $100 and an effective tax rate of 27%. Total assets at the beginning of the year was $2,360 and at the end of the year $2,789. The LIFO reserve at the beginning of the year was $384 and at the end of the year $368. Recalculate net income after including the adjustment for LIFO.
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