. LP Corp. uses the FIFO method of accounting for inventory. The company reported a LIFO reserve of $22.6 million at the beginning of the 2016 fiscal year and a LIFO reserve of $33.8 million at the end of the 2016 fiscal year. Cost of goods sold reported on the 2016 income statement was $2,839.5 million. What would the company have reported for cost of goods sold had they used LIFO to account for inventory costs? . LP Corp. uses the FIFO method of accounting for inventory. The company reported a LIFO reserve of $22.6 million at the beginning of the 2016 fiscal year and a LIFO reserve of $33.8 million at the end of the 2016 fiscal year. Cost of goods sold reported on the 2016 income statement was $2,839.5 million. What would the company have reported for cost of goods sold had they used LIFO to account for inventory costs?