Question 1 (30 marks) Read the content below in relation to the Caterpillar Financial Statements, and then answer the questions that follow. Assume that the effective tax rate maintains a proportionate relationship to profit before tax when converting from LIFO to FIFO stock valuation. The LIFO reserve for the year ended 31 December 2021 was $2 599 million, inventory was $14 038 million, and total […]
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