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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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