Legislators have proposed eliminating LIFO accounting. Understandably, this has been met with much opposition from busin

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answerhappygod
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Legislators have proposed eliminating LIFO accounting. Understandably, this has been met with much opposition from busin

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Legislators have proposed eliminating LIFO accounting.
Understandably, this has been met with much opposition from
business interests. Calculate the tax cost your company (DENTSPLY
SIRONA INC) would incur if LIFO accounting was eliminated and
inventory balances would have to be adjusted to their carrying
value under a method other than LIFO. Assume a 25% tax rate.
Relative to your company’s current Net Income, how large a cost
would this new tax cost represent (calculate the proportion)?
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