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dusya [7]
3 years ago
12

In 2007, Terry Inc. provided the following items in their footnotes. Their cost of goods sold was $22 billion under FIFO costing

and their inventory value under FIFO costing was $2.1 billion. Their LIFO Reserve account balance for year end 2006 had a $0.6 billion credit balance and then at year end 2007, it had a credit balance of $0.8 billion. How much would they report as LIFO cost of goods sold?
a. $1.9 billion.
b. $2.9 billion.
c. $2.3 billion.
d. $1.3 billion.
Business
1 answer:
nikdorinn [45]3 years ago
7 0

Answer:

$22.2 billion

Explanation:

Calculation to determine How much would they report as LIFO cost of goods sold

Cost of goods sold=$22 billion + ($0.8 billion ­ $0.6 billion)

Cost of goods sold=$22 billion + $0.2 billion

Cost of goods sold= $22.2 billion

Therefore How much would they report as LIFO cost of goods sold would be $22.2 billion

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ozzi

Answer:

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Explanation:

Free-market economy -

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3 years ago
You heard somebody say, Marketing is just sales and advertising" Discuss the accuracy of this statement
Serga [27]

Answer:

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3 0
3 years ago
You are given the following information with respect to a bond: par value: 1000 term to maturity: 3 years annual coupon rate 6%
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Answer:

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Explanation:

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5 0
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