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    gwapagirl40 Posts: 31, Reputation: 1
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    Oct 24, 2012, 10:35 PM
    COGS using FIFO method please!
    ABC Inc. is the global leader in providing furniture for office environments. The company uses the LIFO inventory method for external reporting and for income tax purposes but maintains its internal records using FIFO. The following disclosure note was included in a recent annual report:

    Inventories ($ in millions):
    February 25, 2011 February 26, 2010
    Raw materials $ 55.0 $ 45.8
    Work-in-process 13.9 11.9
    Finished goods 79.1 62.0

    148.0 119.7
    LIFO reserve (20.9) (21.3)

    $ 127.1 $ 98.4



    The company’s income statement reported cost of goods sold of $1,693.8 million for the fiscal year ended February 25, 2011.


    If Steelcase had used FIFO to value its inventories, what would cost of goods sold have been for the 2011 fiscal year?
    Help me!! Please everyone!!

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