Walgreens Boots Alliance, Inc., reported inventories of $9,451 million and $9,333 million in its August 31, 2020,
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Walgreens Boots Alliance, Inc., reported inventories of $9,451 million and $9,333 million in its August 31, 2020, and August 31, 2019, balance sheets, respectively. Cost of goods sold for the year ended August 31, 2020, was $111,520 million. The company uses primarily the LIFO inventory method. A disclosure note reported that if FIFO had been used instead of LIFO, inventory would have been higher by $3,300 million and $3,200 million at the end of the August 31, 2020, and August 31, 2019, periods, respectively. Calculate cost of goods sold for the year ended August 31, 2020, assuming Walgreens used FIFO instead of LIFO.
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