Folks are the formulars correct? 1. FIFO Inv = LIFO inv + LIFO Reserve 2. FIFO cogs = LIFO cogs – ( Change in LIFO Reserve) 3. FIFO net income = LIFO net income + (Change in LIFO Reserve)( 1 – t ) Who can provide for Deferred tax and Equity 4. FIFO deferred taxes = LIFO deferred taxes … 5. FIFO equity = LIFO equity …
grace grace Wrote: ------------------------------------------------------- > Folks are the formulars correct? > > 1. FIFO Inv = LIFO inv + LIFO Reserve > > 2. FIFO cogs = LIFO cogs – ( Change in LIFO > Reserve) > 1 and 2 are right