Question: Please explain all steps and show all calculations. Thank you BigBook.Com uses LIFO inventory accounting. Notes to BigBook.Com's Year 9 financial statements disclose the following

Please explain all steps and show all calculations. Thank you

BigBook.Com uses LIFO inventory accounting. Notes to BigBook.Com's Year 9 financial statements disclose the following (it has a marginal tax rate of 35% ): Required: a. Determine the amount by which Year 9 retained earnings of BigBook.Com changes if FIF0 is used. b. Determine the amount by which Year 9 net income of BigBook.Com changes if FIFO is used for both Years 8 and 9 . c. Discuss the usefulness of LIF0 to FIF0 restatements in an analysis of BigBook.Com. PROBLEM 4-2 Restating Inventory. LIFO to FIFO CHECK (b) $2,600

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