AmerisourceBergen is an American drug wholesale company. The company uses the LIFO inventory method for external reporting but maintains its internal records using FIFO. The following information was included in a recent annual report Inventories are comprised of the following ($ in millions): Inventories (under FIFO) Less: LIFO reserve Inventories (under LIFO) September September 30, 2017 30, 2016 $14,628 $29,256 (1,710) (1,918) $27,338 $12,918 The company's income statements reported cost of goods sold of $150.298 million for the year ended September 30, 2017. Required: 1. Prepare the September 30, 2017, adjusting entry to record the cost of goods sold adjustment. 2. If AmerisourceBergen had used FIFO to report its inventories, what would cost of goods sold have been for the quarter ended September 30, 2017?

AmerisourceBergen is an American drug wholesale company. The company uses the LIFO inventory method for external reporting but maintains its internal records using FIFO. The following information was included in a recent annual report Inventories are comprised of the following ($ in millions): Inventories (under FIFO) Less: LIFO reserve Inventories (under LIFO) September September 30, 2017 30, 2016 $14,628 $29,256 (1,710) (1,918) $27,338 $12,918 The company's income statements reported cost of goods sold of $150.298 million for the year ended September 30, 2017. Required: 1. Prepare the September 30, 2017, adjusting entry to record the cost of goods sold adjustment. 2. If AmerisourceBergen had used FIFO to report its inventories, what would cost of goods sold have been for the quarter ended September 30, 2017?

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Description: Do not give answer in image AmerisourceBergen is an American drug wholesale company. The company uses the LIFO inventory method for external reporting butmaintains its internal records using FIFO. The following information was included in a recent an

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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