White Corporation uses the FIFO method for internal reporting purposes and LIFO for external reporting purposes. The balance in the LIFO Reserve account at the end of 2017 was $320,000. The balance in the same account at the end of 2018 is S4 80,000, white's Cost of Goods Sold account has a balance of $2,400,000 from sales transactions recorded during the year. What amount should White report as Cost of Goods Sold in the 2018 income statement? A) $2,240,000. B) $2,400,000. C) $2,560,000. D) $2,880,000. 1. 2. Which method of inventory pricing best approximates specific identification of the actual flow of costs and units in most manufacturing situations? A) Average cost B) First-in, first-out C) Last-in, first-out D) Base stock 3. Keck Co. had 300 units of product A on hand at January 1, 2017, costing $21 each. Purchases of product A during January were as follows: Date Jan. 10 18 28 Units Unit Cost $22 23 24 400 500 200 A physical count on January 31, 2017 shows 400 units of product A on hand. The cost of the invento at January 31, 2017 under the LIFO method is A) $9,400. B) $8,900. C) $8,500. D) $8,200. 4. The use of a Purchase Discounts Lost account implies that the recorded cost of a purchased inven item is its A) invoice price. B) invoice price plus the purchase discount lost. C) invoice price less the purchase discount taken. D) invoice price less the purchase discount allowable whether taken or not. Page 1