Company W reported FIFO ending inventory of $152,600 and a beginning inventory of $138,500 for 2022. Inventory purchases for 2022 were $312,700, and the change in the LIFO reserve for 2021 was an increase in the LIFO reserve of $1,150. Calculate the value of COGS LIFO for Company W in 2022.
Company W reported FIFO ending inventory of $152,600 and a beginning inventory of $138,500 for 2022. Inventory purchases for 2022 were $312,700, and the change in the LIFO reserve for 2021 was an increase in the LIFO reserve of $1,150. Calculate the value of COGS LIFO for Company W in 2022.
Chapter10: Inventory
Section: Chapter Questions
Problem 16PB: Use the following information relating to Medinas Company to calculate the inventory turnover ratio,...
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Company W reported FIFO ending inventory of $152,600 and a beginning inventory of $138,500 for 2022. Inventory purchases for 2022 were $312,700, and the change in the LIFO reserve for 2021 was an increase in the LIFO reserve of $1,150. Calculate the value of COGS LIFO for Company W in 2022.
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