Accounting MCQ
Accounting
A company uses FIFO for internal recordkeeping but LIFO for reporting ending inventory. Ending inventory under FIFO is $80,000, and ending inventory under LIFO is $60,000. What is the company's LIFO reserve?
A company uses FIFO for internal recordkeeping but LIFO for reporting ending inventory. Ending inventory under FIFO is $80,000, and ending inventory under LIFO is $60,000. What is the company's LIFO reserve?
A company uses FIFO for internal recordkeeping but LIFO for reporting ending inventory. Ending inventory under FIFO is $80,000, and ending inventory under LIFO is $60,000. What is the company's LIFO reserve?
A) $20,000.
B) $60,000.
C) $80,000.
D) $140,000.
Answer: A
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