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DownTown Corp. uses a Periodic LIFO method to account for 100% of its inventory. In its most recent annual report, DownTown's Balance Sheet contained the following information:
Dec. 31, 2017 Dec. 31, 2018 Inventory $ 25,000,000 $ 24,000,000
DownTown's Inventory Footnote appeared as follows:
Problem A. If DownTown corporation would have used FIFO to account for their inventory (rather than LIFO), their Pre-Tax Income for 2017 would have been $ ______________ (fill in an amount) HIGHER / LOWER (circle one) than the Pre-Tax Income that they reported under LIFO.
Problem B. If DownTown has a tax rate of 40%, what is the cumulative tax savings that DownTown has realized through December 31, 2017 as a result of using LIFO?
Compute the ending inventory under the dollar-value LIFO method at December 31, 2018. The cost-to-retail ratio for 2018 was 60%.
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