FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Wildhorse Corporation uses the FIFO method for internal reporting purposes and LIFO for external reporting purposes. The balance
in the LIFO Reserve account at the end of 2021 was $162000. The balance in the same account at the end of 2022 is $187000.
Wildhorse's Cost of Goods Sold account has a balance of $935000 from sales transactions recorded during the year. What amount
should Wildhorse report as Cost of Goods Sold in the 2022 income statement?
O $1122000.
O $910000.
O $960000.
O $935000.
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Transcribed Image Text:Wildhorse Corporation uses the FIFO method for internal reporting purposes and LIFO for external reporting purposes. The balance in the LIFO Reserve account at the end of 2021 was $162000. The balance in the same account at the end of 2022 is $187000. Wildhorse's Cost of Goods Sold account has a balance of $935000 from sales transactions recorded during the year. What amount should Wildhorse report as Cost of Goods Sold in the 2022 income statement? O $1122000. O $910000. O $960000. O $935000.
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