Question: a) Compute the approximate income if inventory has been value at approximate current cost. b) Briefly explain the impact of increase (decrease) inventory reserve to

a) Compute the approximate income if inventory has been value at approximate current cost.

b) Briefly explain the impact of increase (decrease) inventory reserve to net income.

LO-3: Analyze investment, cash flow and expanded analysis LIFO reserves: Tri Star Company Reported year for analysis, 2013 2013 Net income as reported $ 90,500,000 2013 Inventory reserve 50,000,000 2012 Inventory reserve 45,000,000 2013 income taxes 55,000,000 2013 Income before income taxes 145,500,000

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