Question: Data for a company's inventory balances and COGS is shown in the table below; the company uses LIFO. End Year 1 End Year 2 Inventory
Data for a company's inventory balances and COGS is shown in the table below; the company uses LIFO.
| End Year 1 | End Year 2 | |
|---|---|---|
| Inventory | $6,500,000 | $7,300,000 |
| COGS | $32,000,000 | $36,500,000 |
| LIFO reserve | $300,000 | $450,000 |
The COGS using FIFO accounting for Year 2 would be:
$36,050,000.
$36,650,000.
$36,350,000.
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