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DEPR Corp. uses the FIFO method of accounting for inventory. The company reported a LIFO reserve of $24 million at the beginning of the 2016
DEPR Corp. uses the FIFO method of accounting for inventory. The company reported a LIFO reserve of $24 million at the beginning of the 2016 fiscal year and a LIFO reserve of $34 million at the end of the 2016 fiscal year. Cost of goods sold reported on the 2016 income statement was $1,839 million. What would the company have reported for cost of goods sold had they used LIFO to account for inventory costs
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