Question: 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

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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