Inventories formula Flashcards
1
Q
What is the formula to convert EI from LIFO to FIFO?
A
2
Q
What is the formula to convert GOGS from LIFO to FIFO?
A
3
Q
By what will net income after tax under FIFO will be greater than LIFO net income after tax?
A
4
Q
When converting LIFO to FIFO, assuming rising prices, equity will increase by what?
A
5
Q
When converting LIFO to FIFO, assuming rising prices, liabilities will increase by what?
A
6
Q
When converting LIFO to FIFO, assuming rising prices, current assets will increase by what?
A
