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Question 17 3.9 pts You are comparing the financial statements of two competitors in the retail close-out business - Odd Lots and General Dollar. Odd
Question 17 3.9 pts You are comparing the financial statements of two competitors in the retail close-out business - Odd Lots and General Dollar. Odd Lots uses the LIFO method of inventory valuation, whereas General Dollar uses the FIFO method. Odd Lots reported ending inventory at December 31, 2020 of $800 and cost of goods sold for 2020 of $3,500. It also reported a LIFO reserve of $300 at January 1, 2020 and $500 at December 31, 2020. You know that to make comparisons, you must adjust Odd Lots numbers to what they would have been had they used FIFO. What amount should you use to compare Odd Lots' inventory at 12/31/2020 to Ceneral Dollar's inventory at 12/31/2020? $600 O $300 O $1,000 O $1,300 O $1,100 3.9 metho
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