Question
Company X reported FIFO ending inventory of $114,000 and beginning inventory of $110,000 for 2018. Inventory purchases for 2018 were $237,500 and the change in
Company X reported FIFO ending inventory of $114,000 and beginning inventory of $110,000 for 2018. Inventory purchases for 2018 were $237,500 and the change in the LIFO reserve for 2017 was an increase in the light for reserve of $675. Calculate the value of COGS LIFO for company X in 2018. Assume that there are no inventory write downs.
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Accounting Theory Conceptual Issues in a Political and Economic Environment
Authors: Harry I. Wolk, James L. Dodd, John J. Rozycki
9th edition
9781483375014, 1483375013, 9781506300108, 1506300103, 978-1483375021
