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The Following Information Is Taken from Just Pants Financial Statements

Question 13

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The following information is taken from Just Pants financial statements (amounts in thousands):
The following information is taken from Just Pants financial statements (amounts in thousands): 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 12/31/2005 and 12/31/2004, respectively. Required: 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 12/31/2005 and 12/31/2004, respectively.
Required:
The following information is taken from Just Pants financial statements (amounts in thousands): 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 12/31/2005 and 12/31/2004, respectively. Required:

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