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What amount should sheridan report as cost of goods sold

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Question - Sheridan Company 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 $327000. The balance in the same account at the end of 2021 is $484000. Sheridan's Cost of Goods Sold account has a balance of $2410000 from sales transactions recorded during the year. What amount should Sheridan report as Cost of Goods Sold in the 2021 income statement?

a. $2894000.

b. $2253000.

c. $2410000.

d. $2567000.

Reference no: EM132624300

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