Lincoln Corporation uses the FIFO method for internal reporting purposes and LIFO for external reporting...
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Lincoln 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 2018 was $150,000. The balance in the same account at the end of 2019 is $200,000. Lincoln's Cost of Goods Sold account has a balance of $650,000 from sales transactions recorded during the year using the FIFO method. What amount should Lincoln report as Cost of Goods Sold in the 2019 income statement using the LIFO method?
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