Short Answer
Leggett and Platt uses the LIFO method of accounting for inventory. The company reported a LIFO reserve of $22.6 million at the beginning of the 2016 fiscal year and a LIFO reserve of $33.8 million at the end of the 2016 fiscal year. Cost of goods sold reported on the 2016 income statement was $2,850.7 million.
What would the company have reported for cost of goods sold had they used FIFO to account for inventory costs?
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FIFO COGS = LIFO COGS - Increa...View Answer
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