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Johnson Inc. uses LIFO and has experienced increasing costs since its founding. Johnson disclosed that the LIFO reserve (also known as the LIFO allowance) at
Johnson Inc. uses LIFO and has experienced increasing costs since its founding. Johnson disclosed that the LIFO reserve (also known as the LIFO allowance) at the end of 2021 was $3 million. The balance sheet showed ending inventory of $17 million at the end of 2021. What would the ending inventory have been if Johnson had always used FIFO? Multiple Choice $20 million $17mon S14 milion None of the correct
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