2:52 1. Back Chapter 6 - Assignment 3.docx Topic: LIFO Reserves LO: 7 Longhorn Software Company's 2016 balance sheet reveals that inventories reported on a LIFO basis are $11,240 million. In a footnote management stated that the LIFO reserve was $1,600 million How much would Longhorn's Software's ending inventory be using FIFO? What is the total cumulative tax effect of using LIFO given a 35% income tax rate? Topic: FIFO Method LO: 2 2. G.C. Murphy's inventories are determined using FIFO. G.C. Murphy's provided the following information for the first quarter of 2016: Enging new 11 Purchase he Ending into a 3000 Compute the company's cost of goods sold for the first quarter. Computer the ending inventory to be reported on G.C. Murphy's balance sheet at March 31, 2016. Topic: Weighted-Average Cost Method LO: 2 3. Notebook Company reports the following in its inventory records for June: Bergvertory$12.00 Paches 12.00 During June, Notebook Company sold 12 units. Using the weighted-average cost method, compute the cost of goods sold for June and the June 30 ending inventory balance for this product. 'G 13 Dashboard To Do Notifications be