Question: Use the following information to answer the following. Income Tax rate is 34% Given the financial information presented above what would be the effect on

Use the following information to answer the following.

Income Tax rate is 34%
Given the financial information presented above what would be the effect on net income before taxes in 2016 of converting the company from LIFO to FIFO:
A) Increase of 257.2
B) Decrease of 257.2
C) Increase of 174.9
D) Decrease of 174.9

Control Furniture Company Annual Report Excerpts igures in thousands of dollars December 31 2015 201 Inventories at FIFO Cost Excess of FIFO Cost over LIFO Cost (2314 Inventories at LIFO Cost 852.6 (257.2) 595.4 846.3 614.9

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