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Joy Company uses LIFO inventory valuation method and reports the following: ...

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Question

Accounting

Joy Company uses LIFO inventory valuation method and reports the following:

2019 Assets

2019 Inventory

2019 LIFO Reserve

2018 LIFO Reserve

$58,720

$3,776

$4,300

$2,900

Assume a tax rate of 25%. Convert to FIFO financial statements. Assume LIFO is allowed for tax purposes.

Required:

a.

Calculate the amount by which the following balance sheet items will increase or decrease for 2019:

Inventory, Total assets, Tax liabilities, and Equity. 8 marks

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