How to the company used fifo to account


XYZ Company uses the LIFO method for inventory costing. The company reported total inventory of $441 million on their balance sheet as of 12/31/2012. It reported a LIFO reserve of $72 million at the beginning of the 2012 fiscal year and a LIFO reserve of $86 million at the end of the 2012 fiscal year. Cost of goods sold reported on the 2012 income statement was $2,900 million.What would the company have reported for inventory at 12/31/2012 on its balance sheet had the company used FIFO to account for inventory costs?

Request for Solution File

Ask an Expert for Answer!!
Accounting Basics: How to the company used fifo to account
Reference No:- TGS0701904

Expected delivery within 24 Hours