Western Boots Alliance, Incorporated, reported inventories of $2,295 million and $2,392 million in its August...
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Western Boots Alliance, Incorporated, reported inventories of $2,295 million and $2,392 million in its August 31, 2020, and August 31, 2019, balance sheets, respectively. Cost of goods sold for the year ended August 31, 2020, was $29,724 million. The company uses primarily the LIFO inventory method. A disclosure note reported that if FIFO had been used instead of LIFO, inventory would have been higher by $292 million and $269 million at the end of the August 31, 2020, and August 31, 2019, periods, respectively.
Calculate cost of goods sold for the year ended August 31, 2020, assuming Western used FIFO instead of LIFO.
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