Sheffield Corporation uses the FIFO method for internal reporting purposes and LIFO for external reporting...
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Accounting
Sheffield 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 2025 was $293000. The balance in the same account at the end of 2026 is $416000. Sheffield's Cost of Goods Sold account has a balance of $2130000 from sales transactions recorded during 2026. What amount should Sheffield report as Cost of Goods Sold in the 2026 income statement? $2130000 $2007000 $2253000 $2546000
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