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Please help me fast The following information is taken from Satin financial statemen The following information s taken from Satin financial statements (amounts In thousands):
Please help me fast The following information is taken from Satin financial statemen The following information s taken from Satin financial statements (amounts In thousands): inventory had been used, inventory would have been approximately $26.9 million and $25.1 million higher than reported at 12/31)2010 and 12/31/2009, respectively. Required: A) Calculate what inventory would have been at 12/31/2010 and 12131/2009 had the FIFO inventory method been used. B) What would cost of goods sold for the year ended 12/31/2010 have been if the FIFO inventory method been used? Show your computations. C) Compute the Inventory turnover ratio for 2010 using a LIFO cost-flow assumption, D) Compute the inventory turnover ratio for 2010 using a FIFO cost-flow assumption. E) Explain why the costs assigned to inventory under LIFO at the end of 2009 and 2010 are different than they are underFlFO
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