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Please type the answer no excel or writing The following information can be found in Manufacturer Company's financial statements. The firm uses LIFO COGS Inventory
Please type the answer no excel or writing
The following information can be found in Manufacturer Company's financial statements. The firm uses LIFO COGS Inventory Net Income Retained Earnings LIFO Reserve Tax Rate 2006 $ 2,500,000 $180,000 $125,000 $500,000 2005 $2,000,000 $140,000 $100,000 $400,000 $40,000 40% $30,000 40% 14. If Manufacturer used FIFO its retained earnings as of the end of fiscal 2006 would be: A. $540,000 B. $440,000 C. $524,000 D. $506,000 15. If Manufacturer used FIFO in both years the amount by which 2006 net income changes is: A. $ 165,000 B. $ 149,000 C. $ 135,000 D. $ 6,000 16. In a period of rising prices: a. LIFO ending inventory will be grater than FIFO ending inventory b. LIFO COGS will be less than FIFO COGS c. LIFO taxes will be greater than FIFO taxes d. b and c e. none of the aboveStep by Step Solution
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