LIFO reserves: Lion Company Reported year for analysis, 2008 2008 Net income as reported .......$45,000,000 2008 Inventory
Question:
2008 Net income as reported .......$45,000,000
2008 Inventory reserve ............20,000,000
2007 Inventory reserve ............28,000,000
2008 Income taxes .............14,000,000
2008 Income before income taxes .......59,000,000
Required
Compute the approximate income if inventory had been valued at approximate current cost.
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2008 Net Income as Reported 45000000 Net Change in Inventory Reser...View the full answer
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Related Book For 
Financial Reporting and Analysis Using Financial Accounting Information
ISBN: 978-1439080603
12th Edition
Authors: Charles H Gibson
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