Question
Luey, Inc. provided the following information in their annual reports: December 31, 2014 December 31, 2015 Inventory at LIFO $140,000 $135,000 LIFO reserve amount $18,000
Luey, Inc. provided the following information in their annual reports:
|
| December 31, 2014 | December 31, 2015 |
| Inventory at LIFO | $140,000 | $135,000 |
| LIFO reserve amount | $18,000 | $22,000 |
| COGS |
| $464,000 |
Compute the following:
| FIFO ending inventory balance at year-end 2014 |
|
| FIFO ending inventory balance at year-end 2015 |
|
| FIFO cost of goods sold for year-end 2015 |
|
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
