Question
Inchworm, Inc. 2018 2017 2016 Cost of goods sold $39,697 $36,260 $28,144 Inventory $14,529 $10,218 $8,694 LIFO reserve $2,029 $1,734 $2,439 Net Income $6,047 $654
| Inchworm, Inc. | 2018 | 2017 | 2016 |
|
|
|
|
|
| Cost of goods sold | $39,697 | $36,260 | $28,144 |
| Inventory | $14,529 | $10,218 | $8,694 |
| LIFO reserve | $2,029 | $1,734 | $2,439 |
| Net Income | $6,047 | $654 | $67 |
| Marginal tax rate | 30% | 30% | 30% |
Inchworm Inc. uses LIFO for inventory purposes. If you restate their financial statements to reflect FIFO instead, what would be the difference on the 2018 Statement of Cash Flow?
| A. | $108.4
| |
| B. | $222.5
| |
| C. | $350.4
| |
| D. | $302.5
| |
| E. | $88.5
|
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Auditing Sustainable Development Goals Key Principles And Tools For Supply Chain
Authors: Barden Gonzalez
1st Edition
B0BZFDM86C, 979-8388651501
