Question
Using LIFO method, Tory Companys cost of goods sold is $195,000, and ending inventory is $45,000. If the FIFO method was used, ending inventory would
Using LIFO method, Tory Companys cost of goods sold is $195,000, and ending inventory is $45,000. If the FIFO method was used, ending inventory would have been $65,000. How much would be the FIFO cost of goods sold?
| $215,000 |
| $65,000 |
| $175,000 |
| $195,000 |
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Core Concepts Of Accounting
Authors: Robert N. Anthony, Leslie Pearlman Breitner
8th Edition
0130406716, 9780130406712
