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What amount should Bonita report as Cost of Goods Sold

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Question - Bonita Industries 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 2020 was $288000. The balance in the same account at the end of 2021 is $412000. Bonita's Cost of Goods Sold account has a balance of $2190000 from sales transactions recorded during the year. What amount should Bonita report as Cost of Goods Sold in the 2021 income statement?

a. $2602000.

b. $2066000.

c. $2190000.

d. $2314000.

Reference no: EM132609916

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