The Wheat Company has used the LIFO method for inventory valuation since the start of business 15
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Question:
The Wheat Company has used the LIFO method for inventory valuation since the start of business 15 years ago. The current year ending inventory is $375,000. If the FIFO method of inventory had been used, the inventory would be $450,000. If Wheat Company had used the FIFO inventory method, income before income taxes would have been.
A, $75,000 higher over the 15 year period
B. $75.000 lower over the 15 year period.
c. $75,000 higher in the current year.
D. $75,000 lower in the current year.
Related Book For
Intermediate Accounting
ISBN: 978-0078025839
9th edition
Authors: J. David Spiceland, James Sepe , Mark Nelson , Wayne Thomas
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