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The following informationis available for Leno Company: Sales $695000 Go
Q1. Please implement the circuit of a 7 segments LED which can decode your bin
September 15, 2020The following invoices are being entered into the accounting system. Using the
September 15, 2020The following informationis available for Leno Company:
Sales $695000
Goods Available $535000
Ending inventory (using LIFO) $246000
Leno Company currently uses the FIFO cost flow method for financial statement reporting and for tax reporting. It is considering changing to the LIFO cost flow
method for tax reporting purposes. If leno uses LIFO its ending inventory would be$175000.
1. Determine the cost of Goods sold under LIFO and FIFO.
2. Why would Leno want to changeto LIFO for tax reporting?
3. Discuss any changes that Leno would have to make for GAAP reporting if it does change LIFO for tax reporting?
