LIFO reserves Rhodes Company Reported year for analysis 2011 2011
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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