Uramilaben Spando Apparel uses the LIFO inventory method for external reporting and for income tax purposes but maintainsits internal records using FIFO. The following disclosure note was included in a recent annual report:Inventories ($ in millions):Total inventoriesLIFO reserve2024$ 679(119)$ 5602023$ 658(69)$ 589The company's income statement reported cost of goods sold of $3,300 million for the fiscal year ended December31, 2024.Required:1. Spando adjusts the LIFO reserve at the end of its fiscal year. Prepare the December 31, 2024, adjusting entryto record the cost of goods sold adjustment.2. If Spando had used FIFO to value its inventories, what would cost of goods sold have been for the 2024 fiscalyear?Complete this question by entering your answers in the tabs below.Required 1 Required 2Spando adjusts the LIFO reserve at the end of its fiscal year. Prepare the December 31, 2024, adjusting entry to record thgoods sold adjustment.Note: Enter your answers in millions. If no entry is required for a transaction/event, select "No journal entry required" in taccount field.View transaction listJournal entry worksheet1

Name: Uramilaben Spando Apparel uses the LIFO inventory method for external
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Uramilaben Spando Apparel uses the LIFO inventory method for external reporting and for income tax purposes but maintainsits internal records using FIFO. The following disclosure note was included in a recent annual report:Inventories ($ in millions)