In 2023, Landings Inc. provided the following items in its footnotes. Cost of goods sold...
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In 2023, Landings Inc. provided the following items in its footnotes. • Cost of goods sold was $22 billion under FIFO costing, and ending inventory under FIFO costing was $2.1 million. • The LIFO Reserve account balance for year-end 2022 had a $0.6 billion balance, and then at year-end 2023, the LIFO Reserve account had a balance of $0.8 billion. How much would Landings report as LIFO cost of goods sold on its income statement? In 2023, Landings Inc. provided the following items in its footnotes. • Cost of goods sold was $22 billion under FIFO costing, and ending inventory under FIFO costing was $2.1 million. • The LIFO Reserve account balance for year-end 2022 had a $0.6 billion balance, and then at year-end 2023, the LIFO Reserve account had a balance of $0.8 billion. How much would Landings report as LIFO cost of goods sold on its income statement?
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To calculate the LIFO cost of goods sold at yearend 2023 we need to de... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-0132162302
1st edition
Authors: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella
Posted Date:
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