Accounting MCQ
Accounting
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 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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