Business, 12.12.2019 01:31 elizabethburkha

Hh company uses lifo. hh disclosed that if fifo had been used, inventory at the end of 2011 would have been $20 million lower than the difference between lifo and fifo at the end of 2010. assuming hh has a 30% income tax rate:
a. its reported cost of goods sold for 2011 would have been $20 million higher if it had used fifo rather than lifo for its financial statements.
b. its reported cost of goods for 2011 would have been $14 million less if it had used fifo rather than lifo for its financial statements.
c. its reported cost of goods sold for 2011 would have been $14 million higher if it had used fifo rather than lifo for its financial statements.
d. its reported cost of goods for 2011 would have been $20 million less if it had used fifo rather than lifo for its financial statements.

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Hh company uses lifo. hh disclosed that if fifo had been used, inventory at the end of 2011 would ha...

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