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QUESTION
Heinz Company began operations on January 1, 2010, and uses the FIFO method in costing its raw material inventory.
Heinz Company began operations on January 1, 2010, and uses the FIFO method in costing its raw material inventory. Management is contemplating a change to the LIFO method and is interested in determining what effect such a change will have on net income. Accordingly, the following information has been developed:
