Question: Use the following information to answer the following question. Income Tax rate is 34% Answers are rounded to the nearest decimal point. Given the financial

Use the following information to answer the following question.

Income Tax rate is 34%
Answers are rounded to the nearest decimal point.
Given the financial information presented above what would be the effect on cash in 2015 of converting the company from LIFO to FIFO:
A) Increase of 78.7
B) Decrease of 78.7
C) Decrease of 152.7
D) Increase of 152.7

Control Furniture Company Annual Report Excerpts (Figures in thousands of dollars) December 31 Inventories at FIFO Cost Excess of FIFO Cost over LIFO Cost Inventories at LIFO Cost 2015 846.3 2314) 614.9 2016 852.6 (257.2) 595.4

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