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What amount should sunland report as cost of goods sold

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Question 1: Sunland 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 2017 was $317000. The balance in the same account at the end of 2018 is $471000. Sunland's Cost of Goods Sold account has a balance of $2300000 from sales transactions recorded during the year. What amount should Sunland report as Cost of Goods Sold in the 2018 income statement?

Answer Choices

Option 1: $ 2,771,000.00

Option 2: $ 2,146,000.00

Option 3: $ 2,300,000.00

Option 4: $ 2,454,000.00

Reference no: EM132609442

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