Pernell Company reported LIFO reserves of $150,000 and $100,000 in Year 2 and Year 1,...
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Pernell Company reported LIFO reserves of $ and $ in Year and Year respectively. The company utilized the FIFO assumption for internal purposes. Based on this information, we can conclude that Pernell's pretax income for the Year fiscal year would have been Multiple choice question. $ higher if it had used FIFO. $ lower if it had used FIFO. $ lower if it had used FIFO. $ higher if it had used FIFO.
Pernell Company reported LIFO reserves of $ and $ in Year and Year respectively. The company utilized the FIFO assumption for internal purposes. Based on this information, we can conclude that Pernell's pretax income for the Year fiscal year would have been
Multiple choice question.
$ higher if it had used FIFO.
$ lower if it had used FIFO.
$ lower if it had used FIFO.
$ higher if it had used FIFO.
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