Question
The following data are presented for Hillsdale Company. 2012 Net income as reported $60,000 2012 Inventory reserve $30,000 2011 Inventory reserve $20,000 2012 Income taxes
The following data are presented for Hillsdale Company.
2012 Net income as reported $60,000
2012 Inventory reserve $30,000
2011 Inventory reserve $20,000
2012 Income taxes $20,000
2012 Income before income taxes $80,000
Required:
Compute the approximate income for 2012 if inventory had been valued at approximate current cost.
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Financial Accounting
Authors: Walter B. Meigs, Robert F. Meigs, Mark Bettner, Ray Whittington
9th Edition
0070434360, 978-0070434363
