Please Answer all Sub Parts A&B the question and no Reject.... Thank u LIFO reserves: Tri Star CompanyReported year for analysis, 20133.2013 Net income as reported2013 Inventory reserve2012 Inventory reserve2013 income taxes90,500,00050,000,00045,000,00055,000,0002013 Income before income taxes145,500,000a) Compute the approximate income if inventory has been value atapproximate current cost.b) Briefly explain the impact of increase (decrease) inventory reserve tonet income.

Solution:- a) Computation of the approximate income if inventory has been value at approximate…

LIFO reserves: Tri Star Company Reported year for analysis, 2013 2013 Net income as reported 2013 Inventory reserve 2012 Inventory reserve 2013 income taxes 90,500,000 50,000,000 45,000,000 55,000,000 145,500,000 2013 Income before income taxes a) Compute the approximate income if inventory has been value at approximate current cost. b) Briefly explain the impact of increase (decrease) inventory reserve to 3.

LIFO reserves: Tri Star Company Reported year for analysis, 2013 2013 Net income as reported 2013 Inventory reserve 2012 Inventory reserve 2013 income taxes 90,500,000 50,000,000 45,000,000 55,000,000 145,500,000 2013 Income before income taxes a) Compute the approximate income if inventory has been value at approximate current cost. b) Briefly explain the impact of increase (decrease) inventory reserve to 3.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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