In 2023, Landings Inc. provided the following items in its footnotes. Cost of goods sold was $22 billion under FIFO costing, and ending inventory
In 2023, Landings Inc. provided the following items in its footnotes. Cost of goods sold was $22 billion under FIFO costing, and ending inventory under FIFO costing was $2.1 million. The LIFO Reserve account balance for year-end 2022 had a $0.6 billion balance, and then at year-end 2023, the LIFO Reserve account had a balance of $0.8 billion. How much would Landings report as LIFO cost of goods sold on its income statement?
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Authors: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella
1st edition
978-0133251579, 133251578, 013216230X, 978-0134102313, 134102312, 978-0132162302
