Question
A company uses LIFO method for most of the inventories. For the year of 2016, Minx reported a cost of goods sold of $100,000 and
A company uses LIFO method for most of the inventories. For the year of 2016, Minx reported a cost of goods sold of $100,000 and the LIFO reserve of $25,000. The LIFO reserve decreased by $3,000 for the year. An estimate of the cost of goods sold under FIFO for 2016 is
Select one:
A. None of other choices.
B. $97,000.
C. $75,000.
D. $70,000.
E. $130,000.
F. $103,000.
G. $125,000.
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Intermediate Accounting
Authors: J. David Spiceland, James Sepe, Mark Nelson
6th edition
978-0077328894, 71313974, 9780077395810, 77328892, 9780071313971, 77395816, 978-0077400163
