The Following Information Is Taken from Satin Financial Statements (Amounts

Essay

The following information is taken from Satin financial statements (amounts in thousands):
$\begin{array}{l}\begin{array}{lll}\\\text { Inventory at LIFO}\\\text { Cost of goods sold}\\\text { Stockholders' Equity}\\\text { Net Income}\\\text { Tax rate }\\\end{array}\begin{array}{lll}12 / 31 / 2010&12 / 31 / 2009\\\$ 219,686 & \$ 241,154 \\754,661 & 675,138 \\242,503 & 242,712 \\31,185 & 64,150 \\\mathbf{3 7 \%} & \mathbf{3 7\%} \end{array}\end{array}$
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 been used.
b.What would 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 inventory method been used.