Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. black corporation uses the fifo method for interna

Black Corporation uses the FIFO method for internal reporting purposes and LIFO for external reporting...

50.1K

Verified Solution

Question

Accounting

Black Corporation uses the FIFO method for internal reporting purposes and LIFO for external reporting purposes. The balance in the LIFO Reserve account at the end of 2017 was $280,000. The balance in the same account at the end of 2018 is $420,000. Blacks Cost of Goods Sold account has a balance of $2,100,000 from sales transactions recorded during the year. What amount should Black report as Cost of Goods Sold in the 2018 income statement?

a. 2,100,000

b. 2,520,000

c. 1,960,000

d. 2,240,000

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Basic Math
1.2K views

6 After asking a magical dragon to make you the most powerful person in the...

Finance
1.2K views

Explain the possible determinants of the market interest rate that you chose. For example, you should...

Advance Math
1.2K views

Answer with clear explanation. Find the irreducible factors of x6 ? 1 over R. b. Find all...

Physics
1.2K views

You have a long uniform wire with resistance R. You cut it into three equal...

Geometry
1.2K views

Find mAD A D MAD 75 102 62 O C B

Geometry
1.2K views

Use triangles to find the sum of the interior angle measures of each polygon a...

Statistics
1.2K views

n and Which of the following values could not O A 1 OB 1 032

Statistics
1.2K views

A single die is rolled one time Find the probability of rolling a number at...

Statistics
1.2K views

In 2015 as part of the General Social Survey 1321 randomly selected American adults responded...

Algebra
1.2K views

Integer Exponents Simplify 11 3p 3p 2p A 6p C 6p 3 B 4p D...

Accounting
1.2K views

1. What are the three primary reasons of using a standard cost system? In a...

Accounting
1.2K views

Zytel Corporation produces cleaning compounds and solutions for industrial and household use. While most of...