(Solution) - LIFO reserves Rhodes Company Reported year for analysis 2009 2 -(2025 Original AI-Free Solution)

Paper Details

LIFO reserves: Rhodes Company Reported year for analysis, 2009
2009 Net income as reported .......$ 90,200,000
2009 Inventory reserve ..........50,000,000
2008 Inventory reserve ..........46,000,000
2009 Income taxes ...........55,000,000
2009 Income before income taxes ......145,200,000
Required
Compute the approximate income if inventory had been valued at approximate current cost.