Layout Horerence Mag 10 A A A A E. New iCloud Terms and Cons To use iCloud on the Med you accept the new Terms and Com Abah Al AaB A + A defe withourity updates focos, and improvement, choose Check for Updates Chapter 6: Assignment 3 Topic: LIFO Reserves LO: 1. Longhor Software Company's 2016 balance sheet reveals that inventories reported on a LIFO basis are $11,240 million in a footnoto, management stated that the LIFO reserve was $1.600 million a How much would Langhom's Software's ending inventory be using FIFO? b. What is the total cumulative tax effect of using LIFO given a 35% income tax rate? Topic: FIFO Method LO:2 2 GC Murphy's Inventories are determined using FIFOGC Murphy's provided the following information for the first quarter of 2016 Beginning invertory, January 1, 2016 60 units @ $42.00 (1) Purchase 40 units @ $37.50 (2) Purchase 95 units @ $44.00 (3) Purchase 30 units $43.00 Ending inventory, March 31, 2016 45 units a Compute the company's cost of goods sold for the first quarter, Computer the ending Inventory to be reported on GC Murphy's balance sheet at March 31. 2016, Engebode % 5 6 8 7 8 o E R T U P D F H J K V B N M