Reading 35: Inventories - LOS g ～ Q7-8 black, style, white, provided, following

mayanfang1

Q7. Pischke Motors provided you with the following financials:

• Beginning LIFO reserve $2,484.

• Cost of goods sold (COGS) using LIFO $3,988.

• COGS using FIFO $2,004.

What is the ending LIFO reserve?

A)   $4,468.

B)   $1,984.

C)   $500.

Q8. Under last in first out (LIFO) accounting during periods of inflation, when a firm sells a greater quantity of its inventory than it produces or acquires, the result is:

A)   an understatement of the cost of goods sold (COGS).

B)   an increase in the LIFO reserve.

C)   lower earnings.

shannyzheng

thank u so much!!

fififiona

many thanks

小鱼儿崽子

回复看答案~~

yi913

Thank u very much

danforth

d

khaipinglai

 thanks

jc1188

d

chrisyikhei

yes

tangfaxi

多谢