Final Inventory Final Inventory
Under FIFO $240,000 Under FIFO $270,000
Under LIFO $200,000 Under LIFO $210,000
For 3003 For 2004
Pretax Income under FIFO $120,000 $170,000
What would net income have been in 2004 if Hastings had used LIFO since 1/1/2003?
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