The Following Information Is Taken from Satin Financial Statements (Amounts

Essay

The following information is taken from Satin financial statements (amounts in thousands):
$\begin{array}{llll}&12 / 31 / 2010 &12 / 31 / 2009\\\text { Inventory at LIFO } & \$ 219,686 & \$ 241,154 \\\text { Cost of goods sold } & 754,661 & 675,138\\ \text { Stockholders' Equity } & 242,503 & 242,712 \\\text { Net Income } &31,185&64,150\\\text { Tax rate }&37\%&37\%\end{array}$ Inventory Footnote: If the first-in, first-out method of accounting for inventory had been used, inventory would have been approximately $26.9 million and $25.1 million higher than reported at 12/31/2010 and 12/31/2009, respectively.
Required:
a. Calculate what inventory would have been at $12 / 31 / 2010$ and $12 / 31 / 2009$ had the FIFO inventory method be en used.
b. Whatwould net income for the year ended $12 / 31 / 2010$ , have been if the FIFO inventory method been used?
c. Calculate what stockholders equity would have been at $12 / 31 / 2010$ and $12 / 31 / 2009$ had the FIFO irventory method been used.