Lollar inc is a giant provider of home furnishings the

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Lollar, Inc., is a giant provider of home furnishings. The company uses the FIFO inventory method. The following information was taken from the company's recent financial statements:

Cost of goods sold $ 1,850,000
Income before taxes 125,000
Income taxes expense (and payments) 52,500
Net income 72,500
Net cash provided by operating activities 123,250

The financial statements also revealed that had Lollar been using LIFO, its cost of goods sold would have been $1,865,000. The company's income taxes and payments amount to approximately 40 percent of income before taxes.

b. Assuming that Lollar had been using LIFO, compute the following amounts for the current year.

Income before taxes $ __________
Income taxes expense $ __________
Net income $ __________
Net cash provided by operating activities $ __________

Reference no: EM13607680

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