The Following Data Are Presented for Hillsdale Company Required:
Compute the Approximate Income for 2012 If Inventory Had

Essay

The following data are presented for Hillsdale Company. $\begin{array}{llcc}2012& \text {Net income as reported } & \$60,000 \\2012& \text { Inventory reserve } &\$30,000\\ 2011&\text {Inventory reserve } &\$20,000\\2012& \text {Income taxes } &\$20,000\\2012& \text { Income hefnre incomp taxes} &\$80,000\\ \text { } &\\\end{array}$

Required:
Compute the approximate income for 2012 if inventory had been valued at approximate current cost.