You are provided the following information about St Thomas Inc.s Inventory. ...
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Accounting
You are provided the following information about St Thomas Inc.s Inventory.
| Year | FIFO Inventory | Inflation Factor |
| 2014 | 86,000 | 1.0000 |
| 2015 | 92,000 | 1.0300 |
| 2016 | 98,000 | 1.0250 |
| 2017 | 116,000 | 1.0270 |
| 2018 | 99,000 | 1.0260 |
| 2019 | 168,000 | 1.3100 |
Calculate their 2019 LIFO reserve and their LIFO adjustment of cost of goods sold.
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