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 If the answer is $1 Billion please type 1000 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?

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 If the answer is $1 Billion please type 1000 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

Section: Chapter Questions

Problem 1Q

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