The March Madness Company uses the LIFO method and reports the following information about their inventory in their footnotes Calculate 2022 Retained Earnings if March Madness had used FIFO for their inventory 2022 2021 Inventory at current cost (FIFO) 15,800 13 700 Less LIFO Reserve (4,520) (3,900...

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The March Madness Company uses the LIFO method and reports the following information about their inventory in

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The March Madness Company uses the LIFO method and reports the following information about their inventory in their footnotes:
1. Calculate 2022 Retained Earnings if March Madness had used FIFO for their inventory.

	2022	2021
Inventory at current cost (FIFO)	15,800	13.700
Less LIFO Reserve	(4,520)	(3,900)
Inventory at LIFO Cost	11,280	9,800

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Financial Accounting an introduction to concepts, methods and uses

ISBN: 978-0324789003

13th Edition

Authors: Clyde P. Stickney, Roman L. Weil, Katherine Schipper, Jennifer Francis

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Posted Date: Jan 29, 2024 04:09 AM

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The March Madness Company uses the LIFO method and reports the following information about their inventory in

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