Effects of Different Cost Flow Assumptions
|Gable, Inc., is a provider of home furnishings. The company uses the FIFO inventory method. The following information was taken from the companys recent financial statements (dollar amounts are in thousands):|
The financial statements also revealed that had Gable been using LIFO,its cost of goods sold would have been $1,865,000. The companys income taxes and payments amount to approximately 40 percent of income before taxes.
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