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A company uses FIFO for internal reporting and LIFO for financial reporting. Consider the following information: For the current year, cost of goods sold was
A company uses FIFO for internal reporting and LIFO for financial reporting. Consider the following information:
- For the current year, cost of goods sold was $3,181,871 under FIFO and ending inventory under FIFO is $1,013,624.
- The LIFO Reserve at the end of the prior year was $503,605 and the LIFO Reserve at the end of the current year is $394,996.
How much should the company report as LIFO ending inventory at the end of the current year?
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