Question
You are provided the following information about St Thomas Inc.s Inventory. Year FIFO Inventory Inflation Factor 2014 86,000 1.0000 2015 92,000 1.0300 2016 98,000 1.0250
You are provided the following information about St Thomas Inc.s Inventory.
| Year | FIFO Inventory | Inflation Factor |
| 2014 | 86,000 | 1.0000 |
| 2015 | 92,000 | 1.0300 |
| 2016 | 98,000 | 1.0250 |
| 2017 | 116,000 | 1.0270 |
| 2018 | 99,000 | 1.0260 |
| 2019 | 168,000 | 1.3100 |
Calculate their 2019 LIFO reserve and their LIFO adjustment of cost of goods sold.
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Financial Accounting
Authors: Karen Bird, Gene Imhoff
5th Edition
0984200568, 978-0984200566
