Question
An actual corporation reported this information on their 2019 Annual Report ($ millions). Inventory cost method of LIFO is used. Date Inventory Balance Cost of
An actual corporation reported this information on their 2019 Annual Report ($ millions). Inventory cost method of LIFO is used.
Date Inventory Balance Cost of Goods Sold (COGS)
December 31, 2018 10,083
December 31, 2019 10,950
Calendar Year 2019 57,065
A. Calculate the "purchases" dollars in calendar year 2019. Assume no write-offs, no adjustments.
B. Now suppose on December 31, 2018: LIFO Reserve = 1,377. December 31, 2019: LIFO Reserve = 1,270. Calculate COGS under FIFO method.
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Certainly I can help you with that Heres the breakdown of the inventory purchases and COGS under FIF...
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Federal Taxation 2021 Corporations, Partnerships, Estates & Trusts
Authors: Timothy J. Rupert, Kenneth E. Anderson, David S. Hulse
34th Edition
0135919460, 978-0135919460
