The Accountant at Patton Company Has Determined That Income Before

question 252

Multiple Choice

The accountant at Patton Company has determined that income before income taxes amounted to $11,000 using the FIFO costing assumption. If the income tax rate is 30% and the amount of income taxes paid would be $600 greater if the LIFO assumption were used, what would be the amount of income before taxes under the LIFO assumption?

• A) $11,600
• B) $13,000
• C) $9,000
• D) $10,400

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