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AmerisourceBergen is an American drug wholesale company. The company uses the LIFO inventory method for external reporting but maintains its internal records using FIFO The
AmerisourceBergen 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 disclosure note was included in a recent quarterly report 5. Inventories (in part) Inventories are comprised of the following ($ in millions) Inventorns tundet TITO) Lost LIFO Reserve Inventories (under LTEO) September September 30, 2017 30, 2016 $23,62 $27, 254 (1560) 12,780) $12,068 $25,518 The company's income statements reported cost of goods sold of $149,298 million for the quarter ended September 30, 2017 Required: 1. Assume that AmerisourceBergen adjusts the LIFO reserve at the end of its quarter. Prepare the September 30, 2017 adjusting entry to record the cost of goods sold adjustment 2. If AmerisourceBergen had used FIFO to report its inventones, what would cost of goods sold have been for the quarter ended September 30, 2017
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