Blue Company reported the following information in its financial statements. Blue Company (FIFO) $millions Sales COGS Inventories 2021 $60,000 $45,000 $15,000 2020 52,000 36,000 13,000 The LIFO reserve for Blue Company is $2,760 at the end of 2020 and $2,500 at the end of 2021. What is the 2021 gross profit for Blue Company, assuming Blue Company had used LIFO? Select one: a. $14,740 b. $15,740 c. $14,260 d. $15,000 e. $15,260
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Blue Company reported the following information in its financial statements.
|
Blue Company (FIFO) |
|
||
|
$millions |
Sales |
COGS |
Inventories |
|
2021 |
$60,000 |
$45,000 |
$15,000 |
|
2020 |
52,000 |
36,000 |
13,000 |
The LIFO reserve for Blue Company is $2,760 at the end of 2020 and $2,500 at the end of 2021.
What is the 2021 gross profit for Blue Company, assuming Blue Company had used LIFO?
Select one:
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