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You are provided the following information about St Thomas Inc.s Inventory. ...

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Accounting

You are provided the following information about St Thomas Inc.s Inventory.

Year

FIFO Inventory

Inflation Factor

2014

86,000

1.0000

2015

92,000

1.0300

2016

98,000

1.0250

2017

116,000

1.0270

2018

99,000

1.0260

2019

168,000

1.3100

Calculate their 2019 LIFO reserve and their LIFO adjustment of cost of goods sold.

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