Saturday, October 10, 2020

A company uses LIFO and reports ending inventory of $220,000. The company calculates its LIFO reserve to be $70,000. For what amount would the company report ending inventory if it instead had used FIFO?

A company uses LIFO and reports ending inventory of $220,000. The company calculates its LIFO reserve to be $70,000. For what amount would the company report ending inventory if it instead had used FIFO?



A) $220,000.

B) $150,000.

C) $290,000.

D) $255,000.


Answer: C

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