I don’t remember how this works. Can any one explain - Uses LIFO method for inventories resulting in a LIFO reserve $50MM compared to FIFO. After adjusting for working capital, Will inventories higher or lower?
I can’t remember how it works either, and honestly man I wouldn’t worry about it. They tested us on lifo/fifo in Level I and I don’t think I’ve seen “LIFO reserves” anywhere in CFAI text for Level II. I’d get pensions down and accounting for investments.
this was a huge topic last year in level II called synthesis or something like that and it is removed this year