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Meta Inc. uses LIFO and has had costs increase. Meta's financial statements reveal that the LIFO reserve at the end of 2024 was $3 million.
Meta Inc. uses LIFO and has had costs increase. Meta's financial statements reveal that the LIFO reserve at the end of 2024 was $3 million. Their balance sheet also showed ending inventory of $17 million at the end of 2024 . What would the ending inventory have been if Meta had always used FIFO? \$14 million \$17 million $20 million Step by Step Solution
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Financial Accounting
Authors: Libby, Short
6th Edition
978-0071284714, 9780077300333, 71284710, 77300335, 978-0073526881
