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  3. 1. when the income effect of a lifo liquidation

1. When the income effect of a LIFO liquidation is material, the...

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Question

Accounting

1.

When the income effect of a LIFO liquidation is material, the SEC requires that the 10-K report disclose:

Multiple Choice

  • the dollar impact of LIFO liquidation on the year-end inventory balance.

  • the dollar impact of LIFO liquidation on net income.

  • the dollar impact of LIFO liquidation on both a pre-tax and after-tax basis.

  • this fact following a prescribed disclosure format.

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