2014 2013 Inventories LIFO - 2397 3042 Current Assets - 30857 Current Liabilities - 12753...
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Accounting
2014 2013
Inventories LIFO - 2397 3042
Current Assets - 30857
Current Liabilities - 12753
LIFO Reserve - 1367
COGS - 16255
a.) Assume LIFO reserve is 1219 for 2013. What is the Cost of Goods sold for 2014 under LIFO?
b.) Assumes sales are 24,178. Compute gross profit LIFO and FIFO.
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