Elite Traders uses the LIFO method for inventory valuation. It reported the following information in...
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Accounting
Elite Traders uses the LIFO method for inventory valuation. It reported the following information in its financial statements:
2008 cost of goods sold = $3.9 million
2009 cost of goods sold = $5.3 million
2009 beginning LIFO reserve = $500,000
Elite Traders estimates that if it used the FIFO method for inventory valuation, its 2008 and 2009 cost of goods sold would be $3.1 million and $4.7 million respectively.
Elite Traders' 2009 ending LIFO reserve is closest to:
$1,100,000
$1,300,000
$100,000
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