Multiple Choice
The Skone Corporation reported at the end of the year a LIFO reserve of $25,000.The beginning LIFO reserve was $20,000.The cost of goods sold was $197,500 under LIFO.The cost of goods sold under FIFO should be
A) $192,500.
B) $197,500.
C) $202,500.
D) $222,500.
Correct Answer:
Verified
Correct Answer:
Verified
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