Question: Coronado Industries uses the FIFO method for internal reporting purposes and LIFO for external reporting purposes. The balance in the LIFO Reserve account at the

Coronado Industries uses the FIFO method for internal reporting purposes and LIFO for external reporting purposes. The balance in the LIFO Reserve account at the end of 2017 was $329000. The balance in the same account at the end of 2018 is $490000. Coronado's Cost of Goods Sold account has a balance of $2330000 from sales transactions recorded during the year. What amount should Coronado report as Cost of Goods Sold in the 2018 income statement?

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