Henri Company's Inventory Records Show the Following Data A Physical Inventory on December 31 Shows 3000 Units on l
Henri Company's inventory records show the following data:
A physical inventory on December 31 shows 3000 units on hand. Henri sells the units for $12 each. The company has an effective tax rate of 20%. Henri uses the periodic inventory method. What is the difference in taxes if LIFO rather than FIFO is used?
A) $1170 additional taxes
B) $630 additional taxes
C) $1290 additional taxes
D) $630 tax savings
Correct Answer:
Verified
Q85: Nicholas Industries had the following inventory
Q86: Pasquale has the following inventory information.
Q87: Henri Company's inventory records show the
Q88: Storme Shutters has the following inventory
Q89: Storme Shutters has the following inventory
Q91: Pasquale has the following inventory information.
Q92: Nicholas Industries had the following inventory
Q93: Oscar Industries has the following inventory
Q94: Henri Company's inventory records show the
Q95: Henri Company's inventory records show the
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents