pernell company reported lifo reserves of $150,000 and $100,000 in year 2 and year 1, respectively. the company utilized the fifo assumption for internal purposes. based on this information, we can conclude that pernell's pretax income for the year 2 fiscal year would have been multiple choice question. $150,000 higher if it had used fifo. $150,000 lower if it had used fifo. $50,000 higher if it had used fifo. $50,000 lower if it had used fifo.
