Question: Mars Technologies uses the LIFO cost flow assumption to value inventory. For the year 2009, it reported the following information in its financial statements: Revenue

Mars Technologies uses the LIFO cost flow assumption to value inventory. For the year 2009, it reported the following information in its financial statements: Revenue = $850,000Cost of goods sold = $370,000Other expenses = $120,000Interest expenses = $33,000Taxes paid = $24,000Beginning inventory = $1,200,000Ending inventory = $1,310,000Beginning LIFO reserve = $570,000Ending LIFO reserve = $720,000Ending retained earnings = $120,000Tax rate = 40% Retained earnings if Mars Technologies used the FIFO cost flow assumption would be closest to:

Group of answer choices

a. $180,000

b. $408,000

c. $552,000

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