Question
Western Boots Alliance, Incorporated, reported inventories of $2,350 million and $2,502 million in its August 31, 2020, and August 31, 2019, balance sheets, respectively. Cost
Western Boots Alliance, Incorporated, reported inventories of $2,350 million and $2,502 million in its August 31, 2020, and August 31, 2019, balance sheets, respectively. Cost of goods sold for the year ended August 31, 2020, was $31,044 million. The company uses primarily the LIFO inventory method. A disclosure note reported that if FIFO had been used instead of LIFO, inventory would have been higher by $314 million and $280 million at the end of the August 31, 2020, and August 31, 2019, periods, respectively.
Calculate cost of goods sold for the year ended August 31, 2020, assuming Western used FIFO instead of LIFO.
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