Business, 13.11.2019 20:31 applejackjay5818

An annual report for international paper company included the following note: the last-in, first-out inventory method is used to value most of international paper’s u. s. inventories . . if the first-in, first-out method had been used, it would have increased total inventory balances by approximately $293 million and $290 million at december 31, 2017, and 2016, respectively. for the year 2017, international paper company reported net income (after taxes) of $2,144 million. at december 31, 2017, the balance of international paper company’s retained earnings account was $6,180 million. 2. determine the amount of retained earnings that international paper would have reported at the end of 2017 if it always had used the fifo method (assume a 30 percent tax rate). (enter your answer in millions. do not round your intermediate calculations. round your final answer to the nearest whole number.)

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An annual report for international paper company included the following note: the last-in, first-ou...

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