Inventories are comprised of the following ($ in thousands): January 31, October 31, 2016 2015...
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Inventories are comprised of the following ($ in thousands): January 31, October 31, 2016 2015 Raw materials Finished goods Supplies $ 50,883 95,483 6,065 152,431 49,467 85,363 6,522 141,352 Less: LIFO reserve (17,394) (21,428) Inventories (under 135,037 LIFO) The company's income statements reported cost of goods sold of $214,826 thousand for the quarter ended January 31, 2016. Required 1. Assume that AEP adjusts the LIFO reserve at the end of its quarter. Prepare the January 31, 2016, adjusting entry to record the cost of goods sold adjustment. 2. If AEP had used FIFO to value its inventories, what would cost of goods sold have been for the quarter ended January 31, 2016
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