1. Details of OCC Corp inventory balance and Cost of Good Sold are given below: $ Million 2022 2021 Inventory Balance 2032 1940 Cost of Goods Sold 22344 21998 OCC uses LIFO for valuation of approximately 60% of its inventory, and FIFO for the rest. LIFO reserve for 2022 and 2021 are respectively $ 205 and $212. What would be inventory values respectively for 2022 and 2021 if FIFO was being used for inventory valuation? a. $ 2237 and $ 2152 b. $ 1424 and $ 1376 c. $ 1827 and $1728 d. $ 2155 and $ 2067 e. None of the above
1. Details of OCC Corp inventory balance and Cost of Good Sold are given below: $ Million 2022 2021 Inventory Balance 2032 1940 Cost of Goods Sold 22344 21998 OCC uses LIFO for valuation of approximately 60% of its inventory, and FIFO for the rest. LIFO reserve for 2022 and 2021 are respectively $ 205 and $212. What would be inventory values respectively for 2022 and 2021 if FIFO was being used for inventory valuation? a. $ 2237 and $ 2152 b. $ 1424 and $ 1376 c. $ 1827 and $1728 d. $ 2155 and $ 2067 e. None of the above
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Topic Video
Question
![1. Details of OCC Corp inventory balance and Cost of Good Sold are given below: $ Million
2022 2021 Inventory Balance 2032 1940 Cost of Goods Sold 22344 21998 OCC uses LIFO for
valuation of approximately 60% of its inventory, and FIFO for the rest. LIFO reserve for 2022 and
2021 are respectively $ 205 and $212. What would be inventory values respectively for 2022
and 2021 if FIFO was being used for inventory valuation? a. $ 2237 and $ 2152 b. $ 1424 and $
1376 c. $ 1827 and $1728 d. $ 2155 and $ 2067 e. None of the above](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F222840ef-5b41-4b87-9eeb-a00aafc7c939%2Fb488c613-41dd-4ae8-9c80-d9a0ba306264%2Fjc2guk_processed.png&w=3840&q=75)
Transcribed Image Text:1. Details of OCC Corp inventory balance and Cost of Good Sold are given below: $ Million
2022 2021 Inventory Balance 2032 1940 Cost of Goods Sold 22344 21998 OCC uses LIFO for
valuation of approximately 60% of its inventory, and FIFO for the rest. LIFO reserve for 2022 and
2021 are respectively $ 205 and $212. What would be inventory values respectively for 2022
and 2021 if FIFO was being used for inventory valuation? a. $ 2237 and $ 2152 b. $ 1424 and $
1376 c. $ 1827 and $1728 d. $ 2155 and $ 2067 e. None of the above
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education