Question
QUESTION 21 The 2013 financial statements of Walgreen Co. reported the following information (in millions). 2013 2012 Cost of goods sold $51,098 $51,291 Inventories, net
QUESTION 21
The 2013 financial statements of Walgreen Co. reported the following information (in millions).
|
| 2013 | 2012 |
| Cost of goods sold | $51,098 | $51,291 |
| Inventories, net | 6,852 | 7,036 |
| LIFO reserve | 2,100 | 1,897 |
If Walgreens had used the FIFO method of inventory costing, 2013 COGS would have been ________.
| $51,098 | ||
| $51,291 | ||
| $50,895 | ||
| $53,198 | ||
| None of these choices are correct. |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
The Economics Of Money Banking And Finance
Authors: Keith Bain, Peter Howells
1st Edition
0582278007, 9780582278004
