TB MC Qu.8-94(Algo) CMN Incorporated uses LIFO and has experienced increasing... CMN Incorporated...

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Accounting

TB MC Qu.8-94(Algo) CMN Incorporated uses LIFO and has experienced increasing...
CMN Incorporated uses LIFO and has experienced increasing costs since its founding. CMN disclosed that the LIFO reserve (also known as the LIFO allowance) at the end of 2024 was $4.2 million. The balance sheet showed ending inventory of $18.0 million at the end of 2024. What would the ending inventory have been if CMN had always used FIFO?
Multiple Choice
$22.2 million
$18.0 million
$13.8 million
None of the other answer choices are correct.
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