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Mineral Waters has used the FIFO cost flow assumption since it was first organized in 20X4. Results have been as follows: 20X4 20X5 20X6 20X7 Reported net income - FIFO $26,250 $45,000 $48,750 $67,500?Reported ending inventories - FIFO 82,250 142,000 164,000 173,000?Reported ending Inventories -Average cost 78,500 101,650 117,500 135,500
Required:
Problem 1. Restate net income assuming use of the average cost method since the company's inception.
Problem 2. What inventory cost flow policy would you expect this company to adopt if it was trying to:
a. Minimize income tax payments.?b. Report maximum inventory values on the balance sheet.
Which statements is correct for a company that uses the FIFO costing formula with a perpetual inventory system (compared to a periodic system)?
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