Excerpts from the annual report of XYZ Corporation follow: Cost of goods sold Inventory Net income Retained earnings LIFO reserve 2020 $754,661 $219,686 $31,185 $68,685 $26,900 20% 2019 $675,138...


Excerpts from the annual report of XYZ Corporation follow:<br>Cost of goods sold<br>Inventory<br>Net income<br>Retained earnings<br>LIFO reserve<br>2020<br>$754,661<br>$219,686<br>$31,185<br>$68,685<br>$26,900<br>20%<br>2019<br>$675,138<br>$241,154<br>$64,150<br>$93,650<br>$25,100<br>Tax rate<br>20%<br>If XYZ used FIFO, its retained earnings as of the end of fiscal 2020 would be<br>a. $90,205<br>O b. $68,685<br>c. $93,745<br>O d. $52,415<br>

Extracted text: Excerpts from the annual report of XYZ Corporation follow: Cost of goods sold Inventory Net income Retained earnings LIFO reserve 2020 $754,661 $219,686 $31,185 $68,685 $26,900 20% 2019 $675,138 $241,154 $64,150 $93,650 $25,100 Tax rate 20% If XYZ used FIFO, its retained earnings as of the end of fiscal 2020 would be a. $90,205 O b. $68,685 c. $93,745 O d. $52,415

Jun 11, 2022
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