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Schmidt Company began operations on January 1,2017(or any year before that) and...

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Accounting

Schmidt Company began operations on January 1,2017(or any year before that) and used LIFO inventory method for both Financing reporting and Income tax reporting. However, at beginning of 2018, Schmidt decided to switch to FIFO inventory method for Financial and Income tax reporting. It had previously reported the following financial statements for 2017: LIFO COGS FIFO COGS 201562,00056,0000201678,00069,000201790,00080,0000 Tax rate 30%
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