If Custom Manufacturing had always used FIFO for all inventories, what difference would it have...
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Accounting
If Custom Manufacturing had always used FIFO for all inventories, what difference would it have made in the 2013 income statement, 2013 balance sheet, and 2013 cash flow statement? In pondering that intriguing question, Gent realized she had to assume an income tax rate she chose to use 30% - and she also assumed all tax effects immediately affected cash (i.e., taxes payable were not affected).
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