The Midwestern Manufacturing Company uses the LIFO inventory costing method to value its ending inventory. The following
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The Midwestern Manufacturing Company uses the LIFO inventory costing method to value its ending inventory. The following data were obtained from the company's accounting records:
Calculate the company's
(a) LIFO inventory reserve
(b) current ratio assuming (i) FIFO and (ii) LIFO. If the company's LIFO gross profit was \(\$ 18,000,000\) and the change in the LIFO inventory reserve was \(\$ 3,000,000\), calculate the company's gross profit under FIFO.
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