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.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 6MC: The cost of the inventory on January 31, 2019, under the FIFO method is: a. 400 b. 2,700 c. 3,100 d....
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Calculate the value of COGS
Transcribed Image Text: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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