Company X reported FIFO ending inventory of $114,000 and a beginning inventory of $110,000 for 2018. Inventory purchases for 2018 were $237,500 and the change in the LIFO reserve for 2017 was an increase in the light for the reserve of $675. Calculate the value of COGS LIFO for company X in 2018.
Company X reported FIFO ending inventory of $114,000 and a beginning inventory of $110,000 for 2018. Inventory purchases for 2018 were $237,500 and the change in the LIFO reserve for 2017 was an increase in the light for the reserve of $675. Calculate the value of COGS LIFO for company X in 2018.
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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Transcribed Image Text:Company X reported FIFO ending inventory of
$114,000 and a beginning inventory of $110,000
for 2018. Inventory purchases for 2018 were
$237,500 and the change in the LIFO reserve for
2017 was an increase in the light for the reserve
of $675.
Calculate the value of COGS LIFO for company X in
2018.
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