analyze the income statement and balance sheet and deal with the FIFO and LIFO
does the company account for inventory? 2. What would cost of goods sold have been if the company was using a FIFO cost flow assumption for all inventories? 3. Is the impact on cost of goods sold observed in the previous question consistent with your expectations regarding changing from LIFO to FIFO, why or why not? 4. Explain the causes of the increase in the LIFO Reserve account during the fiscal year. 5. Were input prices rising or falling during the fiscal year?