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35#
发表于 2013-9-23 10:54
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34. A company using LIFO reports the following:
· COGS was $27,000.
· Beginning inventory was $6,500, and ending inventory was $6,200.
· The beginning LIFO reserve was $1,200.
· The ending LIFO reserve was $1,400.
The best estimate of the company’s COGS on a FIFO basis would be:
A. $21,300.
B. $26,800.
C. $27,500.
Ans: B.
COGS FIFO
= COGS LIFO – (ending LIFO reserve – beginning LIFO reserve)
=27,000-(1,400-1,200)=$26,800. |
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