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  3. 2019 2020 ending inventory: lifo 120000 150000 net

2019 2020 Ending Inventory: LIFO 120000 150000 Net Income: LIFO basis 175000 190000 Effective Tax...

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Accounting

2019 2020

Ending Inventory: LIFO 120000 150000 Net Income: LIFO basis 175000 190000 Effective Tax Rate 30% 40%

LIFO Reserve 130000 280000

in LIFO Reserve 50000 150000

question:

1 Compute 2020 Equity if FIFO had been employed - assuming LIFO equity is $500,000.

2 Compute 2020 inventory days on hand for both LIFO and FIFO if COGS is 3,000,000 (time permitting)

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