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Using lifo and fifo
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Engle Enterprises reports net sales revenue for 2009 to be $595,000, January 1, 2009 inventory at $102,000, net purchases at $370,000, and operating expenses at $155,000. Engle Enterprises currently values inventory using LIFO. Using the LIFO method, December 31, 2009, inventory is valued at...
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Fifo vs Lifo 618,876,000 (sales) 475,476,000 (cost of goods sold) 143,400,000 (gross profit) 102,112,000 (selling and admin expenses) 41,288,000 (income from operations) 24,712,000 (other expenses) 16,567,000 (income before income tax) 7,728,000 (income taxes) 8,848,000 (net income)
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What are the advantages and disadvantages using fifo and lifo as inventory valuation methods?
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Can a company use fifo to account for inventory and then use lifo for reporting financial and tax info and is this what is known as the lifo conformity rule? View more questions Search
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