Question: Elite Traders uses the LIFO method for inventory valuation. It reported the following information in its financial statements: 2008 cost of goods sold = $3.9

Elite Traders uses the LIFO method for inventory valuation. It reported the following information in its financial statements: 2008 cost of goods sold = $3.9 million 2009 cost of goods sold = $5.3 million 2009 beginning LIFO reserve = $500,000

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