I need the answer ASAP. Thank you On December 31 (fiscal year-end) financial statements of Collette, Inc. reported the following information (in millions) Inventories (net) LIFO reserve Net Income 2022 468,611 3,476 13,918 Assume corporate tax rate of 40%. 2021 437,396 3,271 13,622 Question: If Collette had used FIFO method instead of LIFO method, what inventory (in millions) would Collette report for 2022?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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I need the answer ASAP. Thank you
On December 31 (fiscal year-end) financial statements of Collette, Inc. reported
the following information (in millions)
Inventories (net)
LIFO reserve
Net Income
2022
468,611
3,476
13,918
Assume corporate tax rate of 40%.
2021
437,396
3,271
13,622
Question: If Collette had used FIFO method instead of LIFO method, what
inventory (in millions) would Collette report for 2022?
Transcribed Image Text:I need the answer ASAP. Thank you On December 31 (fiscal year-end) financial statements of Collette, Inc. reported the following information (in millions) Inventories (net) LIFO reserve Net Income 2022 468,611 3,476 13,918 Assume corporate tax rate of 40%. 2021 437,396 3,271 13,622 Question: If Collette had used FIFO method instead of LIFO method, what inventory (in millions) would Collette report for 2022?
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