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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
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Financial Accounting
Authors: Walter Harrison, Charles Horngren, William Thomas, Wendy Tietz
11th edition
978-0134065830, 134065832, 134127625, 978-0134127620
