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For fiscal year 2019, Harvest Group reported ending inventory of $710,000 and cost of goods sold of $2,645,000. The company uses the LIFO inventory method.
For fiscal year 2019, Harvest Group reported ending inventory of $710,000 and cost of goods sold of $2,645,000. The company uses the LIFO inventory method. The LIFO reserve totaled $86,200 at the end of fiscal 2019, and $72,500 at the end of fiscal 2018. Harvest Group has a 20% effective income tax rate.
If Harvest Group had used FIFO instead of LIFO, how much would it have reported for its COST OF GOODS SOLD in fiscal 2019?
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