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How much must Shondee add to its gross income

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Problem - Shondee Corporation uses the lower of cost or market and FIFO inventory methods. At the end of 2018, the FIFO cost of the ending inventory was $181,000, and the market value of the inventory was $160,000. The corporation switched to LIFO in 2019. As a result, how much must Shondee add to its gross income for each of the years 2019, 2020, and 2021?

Reference no: EM132672244

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