Company Y reported FIFO ending inventory of $126,500 and a beginning inventory of $119,200 for 2021. Inventory purchases for 2021 were $265,300, and the change in the LIFO reserve for 2020 was an increase in the LIFO reserve of $890. Calculate the value of COGS LIFO for Company Y in 2021.
Company Y reported FIFO ending inventory of $126,500 and a beginning inventory of $119,200 for 2021. Inventory purchases for 2021 were $265,300, and the change in the LIFO reserve for 2020 was an increase in the LIFO reserve of $890. Calculate the value of COGS LIFO for Company Y in 2021.
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 Y reported FIFO ending inventory of
$126,500 and a beginning inventory of $119,200 for
2021. Inventory purchases for 2021 were $265,300,
and the change in the LIFO reserve for 2020 was an
increase in the LIFO reserve of $890.
Calculate the value of COGS LIFO for Company Y in
2021.
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