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Question - Charlie follows the LIFO inventory method and accounts for inventory on the periodic basis. The balance in the "T-shirt Inventory" account on December 31, 2019 was $700, reflecting 80 shirts, with the following inventory layers:
Date Acquired
Quantity
Cost
Total
1/15/2018
50
$8.00
$400.00
3/30/2019
30
$10.00
$300.00
The beginning balance in accounts payable is $150. During 2020, Charlie purchased an additional 300 shirts at $11 per shirt on account. He sold the shirts to the gift stores for $20 per unit. He made payments on account of $3,000 during 2020. The physical count of the inventory at the end of the accounting period reveals that 50 shirts were remaining in inventory at the end of the year. No shirts were missing from inventory, other than those sold.
Required -
a) What amount will be reported in the 2020 year-end financial statements for "accounts payable"?
b) What amount will be reported in the 2020 year-end financial statements for "cost of goods sold"?
c) What amount will be reported in the 2020 year-end footnotes for the "pre-tax LIFO liquidation gain"?
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