Brigham Corporation uses the last-in, first-out (LIFO) method of accounting for inventory. or the year 2002, the following is provided:
§ Cost of goods sold (COGS): $24,000
§ Beginning inventory: $6,000
§ Ending Inventory: $7,500
§ The notes accompanying the financial statements indicate that the LIFO reserve at the beginning of the year was $2,250 and at the end of the year was $6,000.
If Brigham had used first-in, first-out (FIFO), the cost of goods sold for 2002 would be:
The correct answer was A.
COGS F= COGS L－ (LIFO reserveE－ LIFO reserveB)
COGS(FIFO) = $20,250. | 
发表于 2006-4-27 16:37
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