Intermediate Accounting 14th Edition

Published by Wiley
ISBN 10: 0470587237
ISBN 13: 978-0-47058-723-2

Chapter 9 - Using Your Judgment - Financial Statement Analysis Case - Case 1-Instructions - Page 542: b

Answer

Prab Robots, Inc might disclose how its LIFO inventories would be valued under FIFO because it believes that this information tells the reader that both its income and inventory would be higher if FIFO had been used.

Work Step by Step

However, it should also be noted that Prab Robots is not required to disclose how its LIFO inventories would be valued under FIFO.
Update this answer!

You can help us out by revising, improving and updating this answer.

Update this answer

After you claim an answer you’ll have 24 hours to send in a draft. An editor will review the submission and either publish your submission or provide feedback.