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AmerisourceBergen is an American drug wholesale company. The company uses the LIFO inventory method for external reporting but maintains its internal records using FIFO. The following information included in a recent annual report: Inventories are comprised of the following ($ in millions): September September 30, 2017 30, 2016 $12,928 $12,349 (1,467) Inventories (under FIFO) Less: LIFO reserve Inventories (under LIFO) $11,461 (1,625) $10,724 I The company's income statements reported cost of goods sold of $148,598 million for the year ended September 30, 2017. Required: 1. Prepare the September 30, 2017, adjusting entry to record the cost of goods sold adjustment. 2. If Amerisource Bergen had used FIFO to report its inventories, what would cost of goods sold have been for the quarter ended September 30, 2017?

AmerisourceBergen is an American drug wholesale company. The company uses the UFO inventory method for external reporting but maintains its internal records using FIFO. The following information included in a recent annual report: Inventories are comprised of the following ( $ in millions): The company's income statements reported cost of goods sold of \$148,598 million for the year ended September 30,2017. Required: Required: 1. Prepare the September 30,2017 , adjusting entry to record the cost of goods sold adjustment. 2. If AmerisourceBergen had used FIFO to report its inventorios, what would cost of goods sold have been for the quarter ended September 30,2017

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