Reference no: EM133206061

The following records provided in Table 4 and the Inventory Footnote is taken from Satin financial statements (amounts in thousands):

Table 4 Inventory Valuation Numbers for Satin Co.in USD

Inventory Footnote: If the first-in, first-out method of accounting for inventory had been used, inventory would have been approximately $26.9 million and $25.1 million higher than reported at 12/31/2010 and 12/31/2009, respectively. Please 

1. Calculate what inventory would have been at 12/31/2010 and 12/31/2009 had the FIFO inventory method been used.
2. What would net income for the year ended 12/31/2010 have been if the FIFO inventory method had been used? 
3. Calculate what stockholders' equity would have been on 12/31/2010 and 12/31/2009 had the FIFO inventory method been used.

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