|
LIFO reserves: Rhodes Company |
|
|
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.