Company X uses FIFO for internal purposes, but LIFO for external reporting purposes. At the beginning of the year, the LIFO reserve was $20,000. At the end of the year, the LIFO reserve was $23,000. The end of year LIFO inventory balance for external reporting purposes was $40,000. What was the end of year FIFO inventory balance?

Answer rating: 100% (QA)

To find the end of year FIFO inventory balance we first need to determine the change in the LIFO res... View the full answer