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pleasee help Vaughn Manufacturing uses the FIFO method for internal reporting purposes and LIFO tor external reporting purposes. The balance in the UFO Reserve account
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Vaughn Manufacturing uses the FIFO method for internal reporting purposes and LIFO tor external reporting purposes. The balance in the UFO Reserve account at the end of 2020 was $332000. The balance in the same account at the end of 2021 is $470000. Vaughn's Cost of Goods Sold account has a balance of $2370000 from sales transactions recorded during the year. What amount should Vaughn report as Cost of Goods Sold in the 2021 income statement? $2370000 $2840000 O $2508000 $2232000 Step by Step Solution
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