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The March Madness Company uses the LIFO method and reports the following information about their inventory in their footnotes: Calculate 2022 Retained Earnings if March
- The March Madness Company uses the LIFO method and reports the following information about their inventory in their footnotes:
- Calculate 2022 Retained Earnings if March Madness had used FIFO for their inventory.
| 2022 | 2021 | |
| Inventory at current cost (FIFO) | 15,800 | 13.700 |
| Less LIFO Reserve | (4,520) | (3,900) |
| Inventory at LIFO Cost | 11,280 | 9,800 |
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Financial Accounting an introduction to concepts, methods and uses
Authors: Clyde P. Stickney, Roman L. Weil, Katherine Schipper, Jennifer Francis
13th Edition
978-0538776080, 324651147, 538776080, 9780324651140, 978-0324789003
