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Selected financial data from Krandall, Inc.’s balance sheet for the year ended December 31 was as follows (in $):
Krandall uses the last in, first out (LIFO) inventory cost flow assumption. The tax rate is 40%. If Krandall used first in, first out (FIFO) instead of LIFO and paid any additional tax due, its assets-to-equity ratio would be closest to: A. 3.73 B. 4.18 C. 4.06 |