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Compute the change in deferred taxes payable

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Reference no: EM131929158

Question - The RRR company currently reports their inventory balances under the LIFO inventory method. Information from the notes to the financial statements are included below:

LIFo Ending Inventory: $771,689

FIFO Ending inventory: $1,046,700

Beginning Retained Earnings: $13,567,000

Tax Rate: 21%

Directions:

1) Compute the LIFO Reserve.

2) Compute the change in deferred taxes payable from the LIFO Reserve analyst conversion.

3) Compute the impact on retained earnings from the LIFO Reserve analyst conversion.

Reference no: EM131929158

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