Question

Falcon Motor Company, a U.S. automotive manufacturer, reports that it uses the LIFO cost-flow assumption for inventory. For the year ended December 31, 2013, Falcon’s cost of goods sold was $142,587 million. It reported the following information in the notes to its 2013 financial statements:


a. What was the carrying value of Falcon’s inventory as of December 31, 2013, and as of
December 31, 2012?
b. What would Falcon’s cost of goods sold for 2013 have been had the firm usedFIFO?


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  • CreatedMarch 04, 2014
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