Cost of goods sold-income statement

Reference no: EM13145825

White Corporation uses the FIFO method for internal reporting purposes and LIFO for external reporting purposes. The balance in the LIFO Reserve account at the end of 2010 was $80,000. The balance in the same account at the end of 2011 is $120,000. White's Cost of Goods Sold account has a balance of $600,000 from sales transactions recorded during the year. What amount should White report as Cost of Goods Sold in the 2011 income statement?

a. $560,000.

b. $600,000.

c. $640,000.

d. $720,000.

e. None of the above.

Reference no: EM13145825

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