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Presented below are the condensed financial statements of Dino Enterprises: The footnotes to the financial...

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Accounting

Presented below are the condensed financial statements of Dino Enterprises:
The footnotes to the financial statements reveal that the company uses LIFO to account for it
inventory, and that the value of the company's LIFO reserve was as follows:
A. Restate the company's net income for Year 2 to reflect the use of FIFO instead of LIFC
Assume an effective tax rate of 30 percent.
B. Assuming a change to FIFO is made for income tax purposes, how much will income taxe
change for Year 2?
C. Calculate the new balances of the company's balance sheet accounts as of December 31
Year 2 to reflect a change to FIFO.
D. Calculate the current ratio for Year 2 under FIFO and LIFO. Under which inventory metho
does the company appear more liquid?
please solve each steps filling in the proper numbers
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