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2014 2013 Inventories LIFO - 2397 3042 Current Assets - 30857 Current Liabilities - 12753 LIFO Reserve - 1367 COGS - 16255 a.) Assume LIFO

2014 2013

Inventories LIFO - 2397 3042

Current Assets - 30857

Current Liabilities - 12753

LIFO Reserve - 1367

COGS - 16255

a.) Assume LIFO reserve is 1219 for 2013. What is the Cost of Goods sold for 2014 under LIFO?

b.) Assumes sales are 24,178. Compute gross profit LIFO and FIFO.

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