Question
The inventories disclosure note in the 2017 financial statements for Publix Super Markets, a large grocery chain in the United States, included the following: Inventories
The inventories disclosure note in the 2017 financial statements for Publix Super Markets, a large grocery chain in the United States, included the following:
"Inventories are valued at the lower of cost or market. The dollar value last-in, first-out (LIFO) method was used to determine the cost for 85% and 83% of inventories as of December 30, 2017 and December 31, 2016, respectively. The cost of the remaining inventories was determined using the first-in, first-out (FIFO) method. If all inventories were valued using the FIFO method, inventories and current assets would have been higher than reported by $464,888,000 and $441,860,000 as of December 30, 2017 and December 31, 2016, respectively. " Cost of goods sold for the fiscal year ended December 31, 2017 was $ 25,129,717,000.
Required: If Publix had used FIFO for all of its LIFO inventories, what would its cost of goods sold have been for 2017?
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