Question
ABC company uses LIFO to account for its inventory. The ending balance of its inventory in 2022 is 340,000. In its notes to financial
ABC company uses LIFO to account for its inventory. The ending balance of its inventory in 2022 is 340,000. In its notes to financial statements, it says "The aggregate replacement cost of inventories was estimated to exceed their LIFO carrying values by $120,000 in 2022". What is ending inventory balance for ABC company if the company uses FIFO? 340000 460000 400000 220000
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Management and Cost Accounting
Authors: Colin Drury
8th edition
978-1408041802, 1408041804, 978-1408048566, 1408048566, 978-1408093887
