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Reformulating Balance Sheet and Income Statement Items for LIFO to FIFO Cost of Goods Sold Inventories LIFO Reserve Increase in LIFO Reserve Total Assets Net

Reformulating Balance Sheet and Income Statement Items for LIFO to FIFO

Cost of

Goods Sold

Inventories

LIFO

Reserve

Increase in

LIFO Reserve

Total

Assets

Net

Income

$23,238

$3,920

$610

$537

$24,553

$3,948

Reformulate the account balance for the following financial statement items assuming the company used FIFO instead of LIFO for its inventory costing method. The company has a 35% tax rate. I am unable to figure out the change in inventories and total assets.

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