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Nebula Co. uses LIFO for external financial reporting and tax filing, but uses FIFO for...

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Accounting

Nebula Co. uses LIFO for external financial reporting and tax filing, but uses FIFO for operating/pricing decisions.  If its LIFO cost of goods sold in its 20X2 income statement is $280 million and it has $10 million and $15 million of LIFO reserve on 12/31/20X1 and 12/31/20X2, respectively.  How much is its FIFO cost of goods sold?

Teddy Inc's inventory at December 31, 20X1, was $150,000 based on a physical count of inventory on hand before discovering the following facts.

Goods shipped to a customer f.o.b. destination were in transit at year end. The sale price is $20,000 and the merchandise cost $15,000.
Goods costing $10,000, shipped f.o.b. destination from a vendor on December 28, 2021 were in transit at year end.
Goods costing $12,000 was being held on consignment by Zippy Company.



What amount should Mateo Corporation report as inventory in its December 31, 2021, balance sheet?

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