Multiple Choice
The Xano Company reported merchandise inventory at LIFO of $450,000 on the year-end financial statements.The company also reported a LIFO reserve of $34,000.An estimate of the inventory balance if the inventory had been reported using the FIFO assumption is
A) $382,000.
B) $416,000.
C) $461,000.
D) $484,000.
Correct Answer:
Verified
Correct Answer:
Verified
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