14. Davidson Company reports using LIFO inventory costing. The following information is taken from their inventory footnote. All numbers are in thousands. Raw materials Work-in-process Finished goods Total Adjust to LIFO cost Lower of cost or market adjustment Inventory $ a. Higher by $19,004 b. Higher by $22,693 c. Lower by $19,004 d. Lower by $22.693 e. None of the above. 2022 2021 26,245 $ 28,283 20,155 19,169 70,348 84,020 116,748 131,472 (22,693) (41,697) $ 94,055 S 89,775 Had Davidson Corporation reported under FIFO inventory costing, their reported cost of sales in 2022 would have been:

14. Davidson Company reports using LIFO inventory costing. The following information is taken from their inventory footnote. All numbers are in thousands. Raw materials Work-in-process Finished goods Total Adjust to LIFO cost Lower of cost or market adjustment Inventory $ a. Higher by $19,004 b. Higher by $22,693 c. Lower by $19,004 d. Lower by $22.693 e. None of the above. 2022 2021 26,245 $ 28,283 20,155 19,169 70,348 84,020 116,748 131,472 (22,693) (41,697) $ 94,055 S 89,775 Had Davidson Corporation reported under FIFO inventory costing, their reported cost of sales in 2022 would have been:

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 5EA: Akira Company had the following transactions for the month. Calculate the ending inventory dollar...

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