Gracenat Company's balance sheet and footnotes contained the following information: Note 3: Inventories: Inventory is...
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Gracenat Company's balance sheet and footnotes contained the following information: Note 3: Inventories: Inventory is valued using the LIFO method. If the FIFO method had been used, inventory would have been $1,050,000 and $850,000 higher than reported at 2022 and 2021 , respectively. a. What would Gracenat's 2022 Retained Earnings be using FIFO? b. What would Gracenat's 2022 Net Income be using FIFO? To get full credit, you must show the correct math
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Gracenat Company's balance sheet and footnotes contained the following information: Note 3: Inventories: Inventory is valued using the LIFO method. If the FIFO method had been used, inventory would have been $1,050,000 and $850,000 higher than reported at 2022 and 2021 , respectively. a. What would Gracenat's 2022 Retained Earnings be using FIFO? b. What would Gracenat's 2022 Net Income be using FIFO? To get full credit, you must show the correct math 