Walgreens Boots Alliance, Inc. reported inventories of $8,678 million and $6,076 million in its August 31, 2015, and August 31, 2014, balance sheets, respectively. Cost of goods sold for the year ended August 31, 2015, was $76,520 million. The company uses primarily the LIFO inventory method. A disclosure note reported that if FIFO had been used instead of LIFO, inventory would have been higher by $2,500 million and $2,300 million at the end of the August 31, 2015, and August 31, 2014, periods, respectively.Calculate cost of goods sold for the year ended August 31, 2015, assuming Walgreens used FIFO instead of LIFO. (Enter your answer in millions.)

Principles of Accounting Volume 1
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ISBN:9781947172685
Author:OpenStax
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Chapter10: Inventory
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Problem 13PA: Company Elmira reported the following cost of goods sold but later realized that an error had been...
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Walgreens Boots Alliance, Inc. reported inventories of $8,678 million and $6,076 million in its August 31, 2015, and August 31, 2014, balance sheets, respectively. Cost of goods sold for the year ended August 31, 2015, was $76,520 million. The company uses primarily the LIFO inventory method. A disclosure note reported that if FIFO had been used instead of LIFO, inventory would have been higher by $2,500 million and $2,300 million at the end of the August 31, 2015, and August 31, 2014, periods, respectively.

Calculate cost of goods sold for the year ended August 31, 2015, assuming Walgreens used FIFO instead of LIFO. (Enter your answer in millions.)

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