The January 28 (fiscal year-end) financial statements of Collette Inc. reported the following information (in millions). Year 2 Year 1 Cost of sales $2,276,096 $2,294,291 Inventories, net 878,646 820,118 LIFO reserve 6,518 6,141 If Collette had used the FIFO method of inventory costing, Year 2 inventory would have been: Select one: a. $872,128 million b. $760,278 million c. $879,023 million d. $885,164 million e. None of these are correct.
The January 28 (fiscal year-end) financial statements of Collette Inc. reported the following information (in millions). Year 2 Year 1 Cost of sales $2,276,096 $2,294,291 Inventories, net 878,646 820,118 LIFO reserve 6,518 6,141 If Collette had used the FIFO method of inventory costing, Year 2 inventory would have been: Select one: a. $872,128 million b. $760,278 million c. $879,023 million d. $885,164 million e. None of these are correct.
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter5: Inventories And Cost Of Goods Sold
Section: Chapter Questions
Problem 5.11E: Inventory Costing Methods VanderMeer Inc. reported the following information for the month of...
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The January 28 (fiscal year-end) financial statements of Collette Inc. reported the following information (in millions).
| Year 2 | Year 1 | |
|---|---|---|
| Cost of sales | $2,276,096 | $2,294,291 |
| Inventories, net | 878,646 | 820,118 |
| LIFO reserve | 6,518 | 6,141 |
If Collette had used the FIFO method of inventory costing, Year 2 inventory would have been:
Select one:
a. $872,128 million
b. $760,278 million
c. $879,023 million
d. $885,164 million
e. None of these are correct.
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