Business, 31.07.2020 17:01 winterblanco
Pernell Company reported LIFO reserves of $150,000 and $100,000 in 2016 and 2015, respectively. The company utilized the FIFO assumption for internal purposes. Based on this information, we can conclude that Pernell's pretax income for the 2016 fiscal year would have been:.
a. $150,000 higher if it had used FIFO.
b. $50,000 higher if it had used FIFO.
c. $50,000 lower if it had used FIFO.
d. $150,000 lower if it had used FIFO.
Answers: 3
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Pernell Company reported LIFO reserves of $150,000 and $100,000 in 2016 and 2015, respectively. The...
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