Question 11

Koch Corporation uses the FIFO method for internal reporting and LIFO for external reporting. The balance in the LIFO Reserve account at the end of 2019 was $140,000. The balance in the same account at the end of 2020 is $210,000. Kochs Cost of Goods Sold account has a balance of $1,050,000 from sales transactions recorded during 2020. What amount should Koch report as Cost of Goods Sold in its 2020 income statement?

		$1,050,000.
		$1,120,000.
		$980,000.
		$1,260,000.

A short and correct answer is enough, thank you!