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The following data are presented for Hillsdale Company. 2012 Net income as reported $60,000 2012...

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Accounting

The following data are presented for Hillsdale Company.

2012 Net income as reported $60,000

2012 Inventory reserve $30,000

2011 Inventory reserve $20,000

2012 Income taxes $20,000

2012 Income before income taxes $80,000

Required:

Compute the approximate income for 2012 if inventory had been valued at approximate current cost.

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