The January 28 (fiscal year-end) financial statements of Collette, Inc. reported the following information (in millions). $29,238 million $31,378 million $6,478 million Cost of Sales $4,338 million Inventories, FIFO Inventories, LIFO Year 2 Year 1 If Collette had used the FIFO method of inventory costing, Year 2 LIFO reserve would have been: $1,543,918 $1,245,622 465,650 436,412 459,172 430,750

The January 28 (fiscal year-end) financial statements of Collette, Inc. reported the following information (in millions). $29,238 million $31,378 million $6,478 million Cost of Sales $4,338 million Inventories, FIFO Inventories, LIFO Year 2 Year 1 If Collette had used the FIFO method of inventory costing, Year 2 LIFO reserve would have been: $1,543,918 $1,245,622 465,650 436,412 459,172 430,750

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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