The accountant at Patton Company has determined that income before income taxes amounted to $11,000 using the FIFO costing assumption. If the income tax rate is 30% and the amount of income taxes paid would be $900 greater if the LIFO assumption were used, what would be the amount of income before taxes under the LIFO assumption?
a. $11.900
b. $14,000
c. $8,000
d. $10,100
Answers: 3
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The accountant at Patton Company has determined that income before income taxes amounted to $11,000...
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