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QUESTION
cost of goods sold.48000 income before income taxes.10000 income taxes expense(and payments).3500 net income.
cost of goods sold..................48000income before income taxes..........10000income taxes expense(and payments)...3500net income...........................6500net cash provided by operating activities........7200at LIFO cost would have been $51200.The company's income tax amounts to 35% of income before taxes.explain LIFO effect on it
