Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

6. help please!! AnsgarPharm is an American drug wholesale company. The company uses the LIFO inventory method for external reporting but maintains its internal records

6. help please!!
image text in transcribed
AnsgarPharm is an American drug wholesale company. The company uses the LIFO inventory method for external reporting but maintains its internal records using FIFO. The following information was included in a recent annual report: Inventories are comprised of the following ( $ in millions): The company's income statements reported cost of goods sold of \$149,198 million for the year ended September 30, 2019. Required: 1. Prepare the September 30,2019 , adjusting entry to record the cost of goods sold acjustment. 2. If AnsgarPharm had used FIFO to report its inventories, what would cost of goods sold have been for the year ended September 30, 2019

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Contemporary Issues In Social Science

Authors: Simon Grima, Ercan Özen, Hakan Boz

1st Edition

1800439318, 9781800439313

More Books

Students also viewed these Accounting questions

Question

Does your message use dishonest or misleading language?

Answered: 1 week ago

Question

Does your product/program have a descriptive and memorable name?

Answered: 1 week ago

Question

How could any of these nonverbal elements be made stronger?

Answered: 1 week ago