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23) Uptown Department Store uses the perpetual inventory system and has ending inventory with a historical cost of $610,000. The current replacement cost of the inventory is $598,000. The net realizable value is $640,000. The company uses LIFO. Before any adjustments at the end of the period, the cost of goods sold account has a balance of $910,000. What is the adjusted Cost of Goods Sold under U.S. GAAP? A) $898,200 D) $922,000 B) $898,000 C) $610,000

23) Uptown Department Store uses the perpetual inventory system and has ending inventory with a historical cost of $610,000. The current replacement cost of the inventory is $598,000. The net realizable value is $640,000. The company uses LIFO. Before any adjustments at the end of the period, the cost of goods sold account has a balance of $910,000. What is the adjusted Cost of Goods Sold under U.S. GAAP? A) $898,200 D) $922,000 B) $898,000 C) $610,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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23) Uptown Department Store uses the perpetual inventory system and has ending inventory with a historical cost of $610,000. The current replacement cost of the inventory is $598,000. The net realizable value is $640,000. The company uses LIFO. Before any adjustments at the end of the period, the cost of goods sold account has a balance of $910,000. What is the adjusted Cost of Goods Sold under U.S. GAAP? A) $898,200 D) $922,000 B) $898,000 C) $610,000
Transcribed Image Text:23) Uptown Department Store uses the perpetual inventory system and has ending inventory with a historical cost of $610,000. The current replacement cost of the inventory is $598,000. The net realizable value is $640,000. The company uses LIFO. Before any adjustments at the end of the period, the cost of goods sold account has a balance of $910,000. What is the adjusted Cost of Goods Sold under U.S. GAAP? A) $898,200 D) $922,000 B) $898,000 C) $610,000
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