Question: ABC, Inc. uses the FIFO method for internal purposes and LIFO for external purposes. The balance in the LIFO Reserve account (LIFO Reserve) at the

ABC, Inc. uses the FIFO method for internal purposes and LIFO for external purposes. The balance in the LIFO Reserve account (LIFO Reserve) at the end of 2019 was $ 140,000. The following information was obtained from company files:

Low FIFO

Low LIFO

Inventory 12/31/20

$ 900,000

$ 820,000

Cost of Goods Sold 12/31/20

1,050,000

1,130,000

What will be the correct ending balance of the LIFO Reserve account to be reported in 10k 2020?

Select one:

to. $ 80,000

b. $ 220,000

c. $ 310,000

d. $ 60,000

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