27. For 2010, Selma Co. had beginning inventory of $75,000, ending inventory of $90,000 and net income of $120,000, using the LIFO inventory method. If the FIFO method had been used, beginning inventory would have been $85,000, ending inventory would have been $105,000 and net income would have been: $125,000. a. b. $115,000. C. $145,000. d. $95,000.
27. For 2010, Selma Co. had beginning inventory of $75,000, ending inventory of $90,000 and net income of $120,000, using the LIFO inventory method. If the FIFO method had been used, beginning inventory would have been $85,000, ending inventory would have been $105,000 and net income would have been: $125,000. a. b. $115,000. C. $145,000. d. $95,000.
Chapter18: Accounting Periods And Methods
Section: Chapter Questions
Problem 67P
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