Jan 1, 2013 Dec 31, 2012
Inventory FIFO $12,000 $14,000
Allowance for LIFO (3,000) (4,500)
Cost of good sold under LIFO was $218,000 for 2012. Determine what cost of goods sold would have been under FIFO
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Jan 1, 2013 Dec 31, 2012
Inventory FIFO $12,000 $14,000
Allowance for LIFO (3,000) (4,500)
Cost of good sold under LIFO was $218,000 for 2012. Determine what cost of goods sold would have been under FIFO
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