LIFO reserves: Rhodes Company Reported year for analysis, 2011 2011 Net income as reported $ 90,200,000 2011

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LIFO reserves: Rhodes Company Reported year for analysis, 2011

2011 Net income as reported $ 90,200,000

2011 Inventory reserve 50,000,000

2010 Inventory reserve 46,000,000 2011 Income taxes 55,000,000

2011 Income before income taxes 145,200,000

Required

Compute the approximate income if inventory had been valued at approximate current cost.

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Financial Reporting and Analysis Using Financial Accounting Information

ISBN: 978-1133188797

13th edition

Authors: Charles H. Gibson

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Question Posted: May 28, 2014 09:42 AM

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LIFO reserves: Rhodes Company Reported year for analysis, 2011 2011 Net income as reported $ 90,200,000 2011

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2011 Net Income as Reported 90200000 Net Change in Inventory Reserve 2011 50000000 2010 46000000 ...View the full answer

Financial Reporting and Analysis Using Financial Accounting Information

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