Question
CCS'S inventory-related purchases during the year were $340,000 and direct labor of $600,000. It values its inventory based on cost using FIFO inventory cost flow
CCS'S inventory-related purchases during the year were $340,000 and direct labor of $600,000. It values its inventory based on cost using FIFO inventory cost flow method. CCS must use the 263A method for valuing its inventory for tax purposes the beginning balance of 263A adjustment is $10,000 and the ending value is $12,000. The current year additional 263A costs are $87,000 of the officer's salary.
Book has Inventory Beg. Balance 140,000 and ending 150,000
What would be the COGS using the 263A method and what work is done to come to the answer?
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