Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. elite traders uses the lifo method for inventory v

Elite Traders uses the LIFO method for inventory valuation. It reported the following information in...

80.2K

Verified Solution

Question

Accounting

Elite Traders uses the LIFO method for inventory valuation. It reported the following information in its financial statements:

2008 cost of goods sold = $3.9 million

2009 cost of goods sold = $5.3 million

2009 beginning LIFO reserve = $500,000

Elite Traders estimates that if it used the FIFO method for inventory valuation, its 2008 and 2009 cost of goods sold would be $3.1 million and $4.7 million respectively.

Elite Traders' 2009 ending LIFO reserve is closest to:

$1,100,000

$1,300,000

$100,000

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

On plant Mercury there is a special lake with two layers: dH2O and dHg (liquid mercury)....

Mechanical Engineering
Q

How do these two articles apply to today's situation? - What are the reasons for the...

General Management
Q

In the Act of 1912 Congress for the first time empowered a federal agency to...

Biology
Q

Two identical rods P and Q each of cross sectional area A length L and...

Physics
Q

Find a formula for the n partial sum of the series series converges.The formula for...

Basic Math
Q

Solve the equation and write the solution set. If necessary, use / to enter fractions,as...

Calculus
Q

Branch Corp. uses a standard cost system to account for the costs of its one...

Accounting
Q

Annie's Homemade Ice Cream is considering starting a Fan Club to grow its revenues, particularly...

Accounting
Q

9. What is the value of receiving $300 growing at 4 percent each year in...

Finance
Q

Compounding frequency, time value, and effective annual rates For each of the cases in the...

Finance
Q

Find the accumulated balance of the following: $8,100[0.07(1+0.07)41]= (Round to 2 decimal places.)

Accounting
Q

Preethi is a salaried, nonexempt administrative assistant and is paid semimonthly. Preethi is married filing...

Accounting