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What amount should red report as cost of goods sold

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Question - Red 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 2017 was $90,000. The balance in the same account at the end of 2018 is $130,000. Red's Cost of Goods Sold account has a balance of $740,000 from sales transactions recorded during the year. What amount should Red report as Cost of Goods Sold in the 2018 income statement?

Reference no: EM133093063

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