medium · CFA Level I Financial Statement Analysis
Meridian Pack reports LIFO net income of 85 million for the fiscal year. During this period, the LIFO reserve increased from 22 million to 30 million.
Assuming a corporate tax rate of 30%, the restated FIFO net income is closest to:
- 90.6 million
- 79.4 million
- 93.0 million
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